There Are A Few New Tax Code Changes in Stimulus Bill
The nation’s historical economic stimulus bill has included a few last-minute improvements to the country’s tax code. The current distraction has said 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 benefits to these tax adjustments 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 Families Will Benefit the Best From Package
The wealthiest people or people earning over 1 million dollars a year will receive 80% of the benefit from these tax changes.
Individuals Earning Over 200k Yearly Receive Increased Help
When you add in anyone who makes over 200k yearly in income 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 benefit 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 explosion 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 provide a boost to large businesses that could be reflected by inflated stock prices.
More information is at The Guardian