There Are A Few Last Minute Tax Code Improvements in Stimulus Bill
The nation’s historical economic stimulus bill has bundled a few last-minute adjustments to the country’s tax code. The current distraction has stated 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 benefits to these tax modifications are not going to be allocated 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 Most From Package
The richest people or people receiving over 1 million dollars a year will receive 80% of the benefit from these tax changes.
People Earning Over 200k Yearly Receive Much Better Help
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 changes.
What About Everyone Else?
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.
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 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 inflated stock prices.
More information is at The Guardian