A new study by the Tax Policy Center at Market Watch indicates roughly 143 million Americans will see lower taxes in the year 2018.
The Tax Cuts and Jobs Act, a Republican effort to overhaul the tax system not seen in decades, will clearly benefit most Americans according to the study.
“The good news is that there aren’t many who will pay higher taxes next year,” writes Steve Goldstein, D.C. Bureau Chief for Market Watch, “about 8.5 million, compared to the some 143 million who will get lower taxes.”
Most American taxpayers will get lower taxes. 143 Million Americans will pay lower taxes. 8.5 Million pay more…. https://t.co/mHeFMF1dzw
— DaVe W LeE (@davewflee) December 26, 2017
Think about that for a moment – 143 million will pay less, compared to 8.5 million who will pay more. Assuming all others will remain flat, over 94 percent of working Americans will receive a break on their taxes in the new year. Just under 6 percent will have to pay more.
Of course, Market Watch is sure to note the caveat that these cuts will “still fall mostly to the wealthy.”
We’re looking at the chart above and thinking it seems to be a pretty fair set up. The tax cuts are on a general upward trend as income rises. People who put more money into the system, those who earn more and more, will receive greater tax breaks. Why? They’re doing more for the economy! Why is that so difficult to understand?
Our big and very popular Tax Cut and Reform Bill has taken on an unexpected new source of “love” – that is big companies and corporations showering their workers with bonuses. This is a phenomenon that nobody even thought of, and now it is the rage. Merry Christmas!
— Donald J. Trump (@realDonaldTrump) December 22, 2017
Higher income earners are typically those who employ lower income earners. They’ll use that extra cash on hand to either re-invest into their companies or businesses, or they’ll create more jobs.
We’ve seen evidence of this almost immediately upon passage of the tax cuts, with companies such as Boeing and AT&T announcing investments into, or bonuses for, their employees.
Today, it was my great honor to sign the largest TAX CUTS and reform in the history of our country. Full remarks: https://t.co/kMxoxEB68G pic.twitter.com/OeAoA0sLfx
— Donald J. Trump (@realDonaldTrump) December 22, 2017
“Companies are already making big payments to workers,” President Trump boasted. “Dems … hate these big Cuts!”
He’s right. Democrats vehemently opposed tax cuts for 143 million (94 percent) of American wage earners.
It was Trump who delivered them a merry Christmas and now a happy New Year.
Are you happy about the Republican tax cuts? Share your thoughts below!
