Analysis: Senate tax bill helps the wealthy most | Arkansas Blog

Wednesday, November 22, 2017

Analysis: Senate tax bill helps the wealthy most

Posted By on Wed, Nov 22, 2017 at 7:36 AM

click to enlarge screen_shot_2017-11-22_at_7.35.34_am.png

Sen. Tom Cotton
has insisted the Senate tax bill produces a tax cut for all Americans. An analysis by the Tax Policy Center says otherwise, particularly when fully implemented with restoration of temporary cuts in 2027. This analysis joins others in finding the benefits go disproportionately to the wealthy.

The summary:

We find the bill would reduce taxes on average for all income groups in both 2019 and 2025. In general, higher income households receive larger average tax cuts as a percentage of after-tax income, with the largest cuts as a share of income going to taxpayers in the 95th to 99th percentiles of the income distribution. On average in 2027, taxes would rise modestly for the lowest-income group, change little for middle-income groups, and decrease for higher-income groups. Compared to current law, 9 percent of taxpayers would pay more in 2019, 12 percent in 2025, and 50 percent in 2027.




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