in 2018 as to individual income after taxes. But everything else in the graphic is correct. The cuts massively favor the wealthy and corporations. The cuts provide massive loopholes only for the wealthy. Even when the tax cuts expire in 2026 the wealthy retain 83% of the cuts...and the loopholes!
DISTRIBUTIONALANALYSIS OF THECONFERENCE AGREEMENTFOR THE TCJA TAXPOLICY CENTER| URBANINSTITUTE&BROOKINGSINSTITUTION
WINNERS AND LOSERS
"The impact of the proposal on individual taxpayers differs depending on theirincomesources, demographic and family statuses, and other characteristics that affect eligibility for certain tax benefits. Our estimatesof the number of taxpayers who would pay more tax or less tax than under current lawexcludecertain minor provisions(listed in tables 4, 5, and 6),for which it is difficultto assign the tax changes to specific taxpayers.3In 2018, 80percent of taxpayerswouldreceivea tax cut from the included provisions--averagingabout$2,100--andabout 5percent would face an averagetax increase of about $2,800(table 4).4In the bottom income quintile, 54percent would receive a tax cut and 1percent would face a tax increase. In the middle income quintile,91percent would receive a tax cut and 7percent would face a tax increase. In the top 1 percentof the income distribution, 91percent would receive a tax cut and 9percent would face a tax increase".
The tax cuts for allmost all are for real. More accurately the tax scam is a BRIBE of the middle class, a looting of TBD treasury and massive favoring of the wealthy all together.
It is massive tax relief....for the wealthy and a trifle for everyone else, paid for by a waterfall of debt pissing down on future generations. A wolf in sheep's clothing.
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