There Are Some New Tax Code Changes in Stimulus Bill
The nation’s historic economic stimulus bill has integrated a few last-minute changes 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?
What Advantages Will The Updates Bring To Americans
The benefits 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.
Wealthy Families Will Benefit the Most From Package
The richest families or people generating over 1 million dollars a year will receive 80% of the benefit from these tax changes.
Individuals Earning Over 200k Yearly Get More 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.
The Rest of The Population
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.
What Help Does American Business Get?
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 provide a boost to large businesses that could be reflected by embellished stock prices.
More information is at The Guardian