The nation’s important economic stimulus bill has included a few last-minute improvements to the country’s tax code. The current distraction has stated the purpose of these tax cuts is to provide economic stimulus to the country. How do these tax cuts really work though?
How Do These Improvements Affect Americans
The perks to these tax changes 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 Families Will Benefit the Most From Package
The wealthiest families or people earning over 1 million dollars a year will receive 80% of the benefit from these tax improvements.
People Earning Over 200k Yearly Get More Help
When you add in anyone who makes over 200k yearly in revenue then the total tax benefit for this group is 95% of the new changes.
What About Everyone Else?
If you look at the balance of the population and add up the total benefits they receive from the new tax changes they only receive 5 percent of the total benefit.
What Help Does American Business Get?
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 inflated stock prices.
More information is at The Guardian