SUR
Liberals Were Very Wrong About Tax Cuts. Again.
Liberals Were Very Wrong About Tax Cuts. Again.
Some interesting tidbits, like:
"As Chris Edwards of the Cato Institute has pointed out, the TCJA's largest percentage tax cuts went to the middle class. Even the liberal Tax Policy Center estimated that 65 percent Americans paid less last year (6 percent paid more) due to tax reform. More than 44 percent of Americans pay no federal income tax. (Though corporate taxes are also a tax on consumers, so cuts benefitted nearly everyone.)"
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Re: Liberals Were Very Wrong About Tax Cuts. Again.
Originally posted by Surtur
Liberals Were Very Wrong About Tax Cuts. Again.Some interesting tidbits, like:
[b]"As Chris Edwards of the Cato Institute has pointed out, the TCJA's largest percentage tax cuts went to the middle class. Even the liberal Tax Policy Center estimated that 65 percent Americans paid less last year (6 percent paid more) due to tax reform. More than 44 percent of Americans pay no federal income tax. (Though corporate taxes are also a tax on consumers, so cuts benefitted nearly everyone.)"
[/B]
According to the Tax Policy Center, the third quintile or "middle-class" only received 11% of the benefit in 2018, while the the fifth quintile or "upper-class" received 65% of the benefit.
So clearly, Chris Edwards is lying when he suggests that the largest percentage of the benefit of the Tax Cuts and Jobs Act of 2017 was distributed to the middle-class.
He only works for the "Libertarian" Cato Institute, owned and operated by the Republican billionaire Koch brothers. What incentive would have to misrepresent a tax law that benefits his employers to the people who are subsidizing those benefits through their increased taxes?