Wednesday, November 29, 2017
President Donald Trump is pitching the Republican tax-cut plan as aimed primarily at helping middle-class Americans, but the biggest beneficiaries of cuts in the individual tax rates are in the wealthiest income brackets.
A study from Congress's own think tank provides some of the most recent evidence of this. The nonpartisan Congressional Research Service concluded that under the Senate plan, Americans making between $500,000 and $1 million a year would see the biggest percentage increases in their after-tax income.
By contrast, the CRS found that taxpayers making less than $30,000 would see their after-tax income decline as soon as 2021.
Such analyses haven't altered the Republican campaign to promote the tax cuts.
"Our focus is on helping the folks who work in the mailrooms and machine shops of America, the plumbers and the carpenters, the cops and the teachers, the truck drivers and the pipe fitters," Trump says in excerpts of a speech he's set to deliver Wednesday afternoon in Missouri. "It is not enough for the middle class to keep getting by -- we want them to start getting ahead."
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