#GOPTaxScam Keeps on Giving to Top One Percent
‘More jobs, higher wages, more competitive, resilient businesses…' he said.
But almost four months since the passage of Republicans' tax bill, polling shows the majority of American workers – 52 percent – are not seeing any change in their withholding taxes. While Wall Street, pharmaceutical companies, big corporations and the richest one percent are reaping massive tax breaks, middle class families are being hung out to dry.
A study from the Tax Policy Center found that under the GOP tax scam, the richest one percent is handed a $33,000 tax break, and the poorest Americans get a tax break of $40.
From the Washington Post:
The Republican tax law passed last fall will give the richest 1 percent of Americans an average personal income tax break of about $33,000, while the poorest Americans will receive an average personal income tax break of $40, according to a new study published this week by nonpartisan analysts.
The Tax Policy Center, a D.C. think tank, has produced its first analysis of how the GOP law's changes to personal income taxes alone — rather than that of the law overall — affect the rich and poor.
…
The new TPC report isolates the impact of the law's personal income taxes, suggesting that the corporate cut does not alone account for the law offering its biggest gains to wealthier Americans.
"While most of the corporate tax cuts flow to the top of the income distribution, what this shows is that even in the direct changes to the individual side of the tax code, most of those changes are still being allocated to the top," said Kim Rueben, a senior fellow at TPC.
While the GOP continues to falsely tout a bill that enriches the one percent at the expense of hard-working families, Democrats stand for real, bipartisan tax reform that puts the middle class first with A Better Deal: Better Jobs, Better Wages, Better Future.