To comply with FTC regulations, all links could lead to commissions paid to the publisher. Please see Advertising Disclosure in sidebar.
WASHINGTON, D.C. – Data provided by the Internal Revenue Service has proven that the tax cuts provided by the 2017 tax reform law championed by former President Donald Trump – which many Democrats claimed disproportionally favored the very wealthy – have, in reality, benefitted working, middle-class U.S. citizens the most.
According to a new report by The Hill, income data published by the IRS illustrates that Americans in all tax brackets experienced tax cuts from the Republicans’ tax reform law, but that middle-class individuals and families experienced the largest cut to their taxes of all, in contrast to “the one percent” as many Democrats have maintained.
In 2018 – the first year that the tax reform law went into effect, and the most recent year that income tax data relating to the law was available – filers with an adjusted gross income (AGI) of $15,000 to $50,000 received, on average, a tax cut of 16 or 26 percent.
FREE DIGITAL SUBSCRIPTION: GET ONLY 'FEATURED' STORIES BY EMAIL
Big Tech is using a content filtering system for online censorship. Watch our short video about NewsGuard to learn how they control the narrative for the Lamestream Media and help keep you in the dark. NewsGuard works with Big-Tech to make it harder for you to find certain content they feel is 'missing context' or stories their editors deem "not in your best interest" - regardless of whether they are true and/or factually accurate. They also work with payment processors and ad-networks to cut off revenue streams to publications they rate poorly by their same bias standards. This should be criminal in America. You can bypass this third-world nonsense by signing up for featured stories by email and get the good stuff delivered right to your inbox.
Meanwhile, filers in the $50,000 to $100,000 range experienced a tax cut of between 15 to 17 percent, and those in the $100,000 to $500,000 range received tax cuts between 11 or 13 percent. No one earning $500,000 or over received an average tax cut over 9 percent, and those earning $1 million or more received cuts averaging less than 6 percent.
In addition, the IRS data indicates that those in higher income brackets paid higher taxes overall in 2018 – again, the year that the reform law went into effect – than they had the year prior.
Overall, the report by The Hill indicates that the Republican tax reform law that Trump supported did pretty much exactly what it promised it would do, meaning it lowered taxes along all income levels – especially for middle-income filers – and helped to drive economic growth.
There remains the possibility that President Joe Biden’s Build Back Better (BBB) Act, which recently passed in the House and is currently being considered in the Senate, could in some way undo those tax benefits. The ambitious spending bill plans to pay for itself by increasing IRS enforcement and reforming tax laws, especially when it comes to the rich, who Democrats claim were previously given huge tax breaks by Republicans; a claim that has now been disproven by the IRS itself.
Get great news content like this for your business website. Search engines love sites with frequently updated quality content and reward them with better search rankings. Get High Quality Content Updates for your site.
or a specific category with our 
