EPI: GOP Tax Plan Gives Top 1 Percent a $207,000 Cut; Bottom 20 Percent Get $50

Labor News

Reprinted from The Economic Policy Institute by Hunter Blair and Dan Essrow on October 2, 2017.

Last week, Republicans unveiled a framework for their plan to cut taxes. And despite repeatedly claiming they would provide a “middle-class tax cut,” it was clear from the meager details provided that this plan offered nothing of the sort. Instead, as we long suspected would be the case, an analysis by the Tax Policy Center (TPC) confirms that the Republican tax plan amounts to nothing but an enormous tax cut for rich people—just like every single Republicanplan before it. TPC found that by 2027, the Republican tax cut would deliver 80 percent of its benefits to the top 1 percent, households that currently have incomes of roughly $730,000 or more. The top 1 percent of tax filers would receive a $207,060 average tax cut. In comparison, the bottom 20 percent of earners will receive only a $50 average tax cut.

EPI 10/2

 

About Jeffrey Burman 2002 Articles

Jeff Burman represents assistant editors on the Guild’s Board of Directors. He can be reached at jeffrey.s.burman.57@gmail.com.

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