Economists say such a shift could widen the gap between the rich and the poor.
Literally the primary raison d’être of the modern Republican party
Economists say such a shift could widen the gap between the rich and the poor.
Literally the primary raison d’être of the modern Republican party
TL;DR: Trump administration’s plans would drastically increase the cost of everything but everyone would save 5% on their taxes. That means most people save ~$2,500/year from the tax cut but end up spending $5,000-20,000 extra on everything else (their purchases throughout the year).
The rich, on the other hand would save millions and millions on their taxes.
You’re pretty well-off if you’re paying $50k in income taxes. (Notice how they’re not planning to cut payroll taxes; those are for us ordinary folks)
If it’s just income taxes, for a single individual, you’d have to be making about 225k to pay 50k in income taxes.
How rich do you have to be to benefit from that