There Are A Couple Of Last Minute Tax Code Changes in Stimulus Bill
The nation’s historic economic stimulus bill has included a few last-minute improvements to the country’s tax code. The current distraction has claimed the purpose of these tax cuts is to provide economic stimulus to the country. How do these tax cuts really work though?
What Benefits Will The Adjustments Bring To Americans
The benefits to these tax changes are not going to be distributed equally throughout society. Like many of the tax cuts that have been designed in the past, it is regressive in nature placing a disproportional burden on our society’s lowest earners.
Which Families Benefit the Greatest From the Bill?
The wealthiest families or people generating over 1 million dollars a year will receive 80% of the benefit from these tax changes.
What About High Salary Earners Over 200K?
When you add in anyone who makes over 200k yearly in revenue then the total tax benefit for this group is 95% of the new changes.
What About Everyone Else?
If you look at the remainder 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.
Does American Business Get Any Help?
So far the current administration’s policies have led to an explosion in the wealth gap in American society. We can expect that these updates will further grow the divide that exists between citizens’ classes in our country currently. The tax changes will also likely provide a boost to large businesses that could be reflected by embellished stock prices.
More information is at The Guardian