The nation’s important economic stimulus bill has integrated a few last-minute adjustments to the country’s tax code. The current distraction has claimed 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 Improvements Affect Americans
The perks to these tax changes are not going to be dispensed equally throughout society. Like many of the tax cuts that have been designed in the past, it is regressive in nature placing a disproportional burden on our society’s lowest earners.
Wealthy Families Will Benefit the Best From Package
The wealthiest people or people receiving over 1 million dollars a year will receive 80% of the benefit from these tax improvements.
What About Higher Salary Earners Over 200K?
When you add in people who makes over 200k yearly in income then the total tax benefit for this group is 95% of the new changes.
What About Everyone Else?
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.
What About American Business?
So far the current administration’s policies have led to an burst in the wealth gap in American society. We can expect that these updates 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