Everybody will benefit from the new tax.
Every American will benefit from the GOP tax reform plan
News keeps up the old lefty way of thinking it's the rich which is not true.
First, the overwhelming majority of the bill's tax cuts will go to individuals, not corporations, and the middle class will receive substantial tax cuts. According to a report released by the Joint Committee on Taxation on Dec. 18, $1.1 trillion of the $1.45 trillion tax cut goes to individuals, 77 percent of the total tax cut. The net corporate tax cut is only $329 billion, or 23 percent of the tax cut. The bill's corporate rate cut does cut corporate taxes by $1.35 trillion, but these cuts are offset by $695 billion of corporate loophole closers and $324 billion of higher revenues from international tax changes. The claim that the bill disproportionately benefits corporations is wrong.
For individuals, the tax cuts benefit taxpayers in every income group, not just the wealthy. The three largest tax cuts come from the across-the-board tax rate reductions for all taxpayers ($1.2 trillion), the increased standard deduction ($720 billion), and the expanded child tax credit ($573 billion), all of which will provide substantial tax relief to middle-class taxpayers. According to the House Ways and Means Committee, the typical family of four earning the median income of $73,000 will receive a tax cut of more than $2,000 a year. The claim that the bill only benefits the wealthy is wrong.
Our liberal press should be ashamed of themselves.
