2018 will be the first year with the Donald Trump tax cuts in effect.
While initially unpopular, the majority of voters do now support Trump’s tax package. Most had been misinformed by the media that the tax cuts were just tax cuts “for the rich,” and not for ordinary Americans.
In reality, the Trump tax cuts reduced the top income tax rate from 39.6 to 37 percent, and the bottom rate fell from 10 percent to zero. The 15 percent rate dropped to 12 percent, the 25 percent rate to 22, the 28 percent rate to 24 and the 33 percent rate to 32. The tax cut was most beneficial for the lower and middle class, and the standard deduction was doubled.
Taxpayers are seeing the proof in their paychecks.
Additionally, the hundreds of companies announcing $1,000+ bonuses to their employees as a result of tax reform also helped boost the tax cut package’s popularity.
One social experiment showed that liberals even favor the Trump tax plan when it’s presented to them as being attributed to Bernie Sanders.
Just three years ago, the top 20% of income taxpayers paid 84% of all income taxes. For some context, the top 20% earn “only” about 51% of national income in a given year. In other words, they’re paying out of proportion to the percent of total income they earn (which is to be expected with a progressive income tax).
This year, despite media cries that the Trump tax cut is only for the wealthy, they’ll be paying a larger share of the income taxes this year.
According to the Wall Street Journal:
In 2018, top earners will pay a higher share of income taxes.
The individual income tax matters—a lot—because it is the largest single source of U.S. revenue. And its share has risen in recent years. For 2018, it could raise 50% of total federal revenue, according to estimates from Congress’s Joint Committee on Taxation, up from about 48% last year.
Surprised? Only the mainstream media should be.
Do you support Trump’s tax cuts? Let us know in the comments section below!