Opinion: The Trump tax cut has amounted to nothing but broken promises for the middle class (via latimesopinion)
Rushed through Congress by a Republican majority, the Trump-GOP tax cuts were promoted as a boon for the middle class. Yet in 2020, according to the Institute on Taxation and Economic Policy, the richest 1% of taxpayers will get an average tax cut of around $50,000, 75 times more than the average cut for the bottom 80%.
One big reason the law is so skewed toward the wealthy is that it gives corporations huge tax breaks. It’s primarily the wealthy who own corporationsThanks to loopholes and the cut itself, tax collections from corporations in the first year of the new law collapsed. ITEP found that the effective corporate tax rate for 379 profitable Fortune 500 corporations was just 11.3% last year. That’s about half the rate Trump’s new law established, which slashed the previous rate by 40%.
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