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August 31, 2019

How the GOP Tax deal benefits the rich more than the middle class

By Don Smith

The Tax Cuts and Jobs Act (TCJA), signed into law by President Trump at the end of 2017, includes provisions that dramatically cut taxes and provisions that offset a fraction of the revenue loss by eliminating or limiting certain tax breaks. Many of TCJA’s changes, including those benefiting ordinary families, expire at the end of 2025, whereas most of TCJA’s corporate tax changes are permanent. This page includes estimate ...

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The Tax Cuts and Jobs Act (TCJA), signed into law by President Trump at the end of 2017, includes provisions that dramatically cut taxes and provisions that offset a fraction of the revenue loss by eliminating or limiting certain tax breaks. Many of TCJA’s changes, including those benefiting ordinary families, expire at the end of 2025, whereas most of TCJA’s corporate tax changes are permanent.

This page includes estimates of TCJA’s effects in 2020. Most of the law’s benefits will go to the richest fifth of Americans, and a significant portion will go to foreign investors who own stocks in American companies and, therefore, benefit from the corporate tax cuts.

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Authors Website: http://waliberals.org

Authors Bio:

Democratic Precinct Committee Officer, activist, writer, and programmer. My op-ed pieces have appeared in the Seattle Times, the Seattle Post-Intelligencer, and elsewhere. See http://WALiberals.org and http://ProgressiveMemes.org for my writing, meme images, musical creations, and animations.


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