A Few Last Minute Changes To The Tax Code in Stimulus Bill
The nation’s historic economic stimulus bill has included a few last-minute modifications to the country’s tax code. The current distraction has stated the purpose of these tax cuts is to provide economic stimulus to the country. How do these tax cuts really work though?
What Advantages Will The Updates Bring To Americans
The benefits to these tax modifications are not going to be allocated equally throughout society. Like many of the tax cuts that have been designed in the past, it is regressive in nature placing a disproportionate burden on our society’s lowest earners.
Wealthy Families Will Benefit the Greatest From Package
The richest individuals or people receiving over 1 million dollars a year will receive 80% of the benefit from these tax changes.
What About Large Salary Earners Over 200K?
When you add in people who makes over 200k yearly in revenue then the total tax benefit for this group is 95% of the new changes.
What About Low Income Earners?
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 Help Does American Business Get?
So far the current administration’s policies have led to an surge 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 inflated stock prices.
More information is at The Guardian