There Are A Couple Of Last Minute Tax Code Improvements in Stimulus Bill
The nation’s historic economic stimulus bill has bundled a few last-minute modifications to the country’s tax code. The current distraction has claimed the purpose of these tax cuts is to provide economic stimulation to the country. How do these tax cuts really work though?
How Do These Adjustments Affect Americans
The perks to these tax changes are not going to be allocated equally throughout society. Like many of the tax cuts that have been designed in the past, it is regressive in nature placing a disproportionate burden on our society’s lowest earners.
Which People Benefit the Most From the Bill?
The richest families or people earning over 1 million dollars a year will receive 80% of the benefit from these tax improvements.
What About Higher Income Earners Over 200K?
When you add in people who makes over 200k yearly in revenue then the total tax benefit for this group is 95% of the new changes.
The Rest of The Population
If you look at the rest of the population and add up the total benefits they receive from the new tax changes they only receive 5 percent of the total benefit.
What Help Does American Business Get?
So far the current administration’s policies have led to an surge in the wealth gap in American society. We can expect that these changes will further grow the divide that exists between citizens’ classes in our country currently. The tax changes will also likely supply a boost to large businesses that could be reflected by embellished stock prices.
More information is at The Guardian