Trump's tax cuts mainly benefited the middle class

 Justin Haskins:

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Biden and many Democrats in Congress have argued that their plan to raise taxes in the midst of an economic recovery is justified because it would help offset or reverse important elements of the Republican tax reform passed in 2017. Democrats have long claimed that the Tax Cuts and Jobs Act needs to be repealed or heavily altered because it unjustly benefits the wealthy at the expense of working and middle-class families.

However, the most recent personal income tax data from the IRS prove that this claim is completely false. The 2017 tax law has disproportionately benefited lower- and middle-income working families. The data show the law has also led to substantial improvements in economic mobility for middle-income and upper-middle-income households.

A careful analysis of detailed tax data from 2017 and 2018, the first year the TCJA went into effect and the most recent year for which detailed IRS income data are available, reveals that over just one year, households with an adjusted gross income of $15,000 to $50,000 saw their total tax bills cut by an average of 16% to 26%, with most filers enjoying at least an 18% tax cut. Similarly, filers earning between $50,000 and $100,000, one of the largest groups of taxpayers, experienced a 15% to 17% tax cut, on average, from 2017 to 2018.

Higher-income households also experienced sizable tax cuts, but not nearly as large as the tax reductions provided by the law to working and middle-class families. Those with AGIs of $500,000 to $1 million, for example, had their taxes cut by less than 9%, and filers earning $5 million to $10 million received a 3.4% cut, the lowest of any bracket provided by the IRS.

The data also show that wealthier filers ended up providing a slightly higher proportion of total personal income tax revenue in 2018 than they did in 2017. In 2017, filers earning $500,000 or more provided 38.9% of all personal income tax revenues. In 2018, the same group provided 41.5% of revenues.

That means the Trump-GOP tax cuts made the income tax code more progressive than it had previously been. That's a remarkable finding. After all, Democrats have spent the past few years insisting the TCJA provided a huge windfall to the richest income brackets while leaving everyone else behind!

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The Democrats returning to making all state and local taxes deductible will also benefit mainly the rich.  Under their current proposals, the rich get that benefit while the democrats increase taxes on the middle class.

See, also:

New Analysis Shows Republican Tax Cuts Actually Did Cut Middle-Class Taxes, Despite Democrats’ Rhetoric