A Couple Of Last Minute Alterations To The Tax Code in Stimulus Bill
The nation’s historic economic stimulus bill has bundled a few last-minute modifications to the country’s tax code. The current distraction has claimed 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 Improvements Affect Americans
The perks 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 disproportionate burden on our society’s lowest earners.
Which Individuals Benefit the Greatest From the Bill?
The richest people or people earning over 1 million dollars a year will receive 80% of the benefit from these tax improvements.
What About Large Income Earners Over 200K?
When you add in people who makes over 200k yearly in revenue then the total tax benefit for this group is 95% of the new updates.
How Will Everyone Else Be Helped?
If you look at the balance 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.
Is there Any Help For American Business?
So far the current administration’s policies have led to an burst 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 supply a boost to large businesses that could be reflected by exaggerated stock prices.
More information is at The Guardian