Politics Magazine

House GOP's Tax Plan Is NOT A Middle Class Tax Cut

Posted on the 20 November 2017 by Jobsanger
House GOP's Tax Plan Is NOT A Middle Class Tax Cut
The graphic above shows who would benefit the most from the tax plan recently passed by the Republicans in the House of Representatives. Note that the top 20% would get 73.6% (about 3 out of every 4 dollars cut) of all the cuts, and the top 1% would get  47.1% (or nearly half of all the cuts).
How can this be called a middle class tax cut, when 80% of Americans get only 26.4% of the cuts? The truth is that this is a cut for the wealthy and the corporations -- not the middle or working classes. It once again highlights who the Republicans care about -- and that's not most Americans. Their true constituency is the wealthy and the corporations, and their economic agenda (i.e., trickle-down) is always geared toward helping those groups.
Here are the quintile yearly income levels:
Lowest 20% -- under $15,010
20-40% -- $15,010 to $30,000
40-60% -- $30,000 to $46,126
60-80% -- $46,126 to $75,067
Top 20% -- over $75,067
Top 1% -- over $300,800
That means 47.1% of the tax cuts go to those making over $300,800 a year -- and 73.6% of the cuts go to those making more than $75,067 a year.
If this was really a tax cut for the middle class, then the middle quintile (those making between $30,000 and $46,126 a year) should be getting the bulk of the cuts. But that middle group gets only 8.1% of the cuts. And those making less than $30,000, the ones needing relief the most, get only 1.7% of the cuts.
This isn't a middle class tax cut, and it's not a plan that's fair for most Americans. It's a travesty, and another giveaway to the rich -- and it must be stopped.

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