REPORT: IRS data proves President Trump’s tax cuts benefited working-class most
It appears that Liberal Democrats may want to undo the tax cuts that benefited middle-class Americans while ensuring wealthy New Yorkers get a big tax cut back.
An analysis of IRS data shows that the 2017 Trump tax cuts primarily helped working-class Americans. However, Congressional Democrats want to undo those tax cuts but reinstall the SALT deductions that primarily benefit wealthy New Yorkers and New Jersey residents and other high-tax states.
Justin Haskins with the conservative Heartland Institute wrote recently:
Income data published by the IRS clearly show that on average all income brackets benefited substantially from the Republicans’ tax reform law, with the biggest beneficiaries being working and middle-income filers, not the top 1 percent, as so many Democrats have argued.
A careful analysis of the IRS tax data, one that includes the effects of tax credits and other reforms to the tax code, shows that filers with an adjusted gross income (AGI) of $15,000 to $50,000 enjoyed an average tax cut of 16 percent to 26 percent in 2018, the first year Republicans’ Tax Cuts and Jobs Act went into effect and the most recent year for which data is available.
The tax cuts also helped grow the economy, unlike Biden’s trillions and trillions of spending that has sent inflation skyrocketing, while he makes it harder for oil and gas companies to produce for energy.
“The IRS data further shows that the tax reform law — which included a variety of business tax cuts, including a large reduction in the corporate income tax rate — spurred economic mobility,” Haskins wrote at The Hill.
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