The nation’s historical economic stimulus bill has integrated a few last-minute improvements to the country’s tax code. The current distraction has said the purpose of these tax cuts is to provide economic stimulation to the country. How do these tax cuts really work though?
How Do These Adjustments Affect Americans
The perks to these tax modifications are not going to be distributed equally throughout society. Like many of the tax cuts that have been designed in the past, it is regressive in nature placing a disproportionate burden on our society’s lowest earners.
Wealthy Individuals Will Benefit the Greatest From Package
The wealthiest individuals or people generating over 1 million dollars a year will receive 80% of the benefit from these tax improvements.
What About Higher Income Earners Over 200K?
When you add in people who makes over 200k yearly in revenue then the total tax benefit for this group is 95% of the new updates.
What About Low Income Earners?
If you look at the rest of the population and add up the total benefit they receive from the new tax changes they only receive 5 percent of the total benefit.
Does American Business Get Any Help?
So far the current administration’s policies have led to an surge in the wealth gap in American society. We can expect that these adjusts will further grow the divide that exists between citizens’ classes in our country currently. The tax changes will also likely provide a boost to large businesses that could be reflected by embellished stock prices.
More information is at The Guardian