Stimulus Bill Gets A Few Last Minute Changes To Tax Code
The nation’s historic economic stimulus bill has bundled a few last-minute adjustments to the country’s tax code. The current interruption has stated the purpose of these tax cuts is to provide economic stimulation to the country. How do these tax cuts really work though?
What Benefits Will The Updates Bring To Americans
The benefits to these tax modifications 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.
Wealthy Individuals Will Benefit the Most From Package
The richest families or people receiving over 1 million dollars a year will receive 80% of the benefit from these tax changes.
People Earning Over 200k Yearly Get Better Help
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.
The Rest of The Population
If you look at the remainder of the population and add up the total benefit they receive from the new tax changes they only receive 5 percent of the total benefit.
How Will This Effect American Business?
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 exaggerated stock prices.
More information is at The Guardian