We know it’s not popular to talk about, especially when the ruling party in Washington and much of the mainstream media are more offended by mean-tweets than taking the time to understand good government policy. But the reality is the Trump tax cuts are benefiting who Congress targeted with this legislation.
“By comparison, no income group with an AGI of at least $500,000 received an average tax cut exceeding 9 percent, and the average tax cut for brackets starting at $1 million was less than 6 percent.
That means most middle-income and working-class earners enjoyed a tax cut that was at least double the size of tax cuts received by households earning $1 million or more.”
From the Heartland Institute:
“The available evidence is clear: Based on tax data from 2017 and 2018, the Tax Cuts and Jobs Act reduced taxes for the vast majority of filers, led to substantial improvements in upward economic mobility, and disproportionately benefited working- and middle-class households, many of which experienced tax cuts topping 18 percent to 20 percent.
“It appears Nancy Pelosi’s claims of “snake oil” peddling were completely unfounded.”
To read the full report, click here.