A Couple Of Last Minute Changes To The Tax Code in Stimulus Bill
The nation’s historic economic stimulus bill has included a few last-minute changes to the country’s tax code. The current interruption has said the purpose of these tax cuts is to provide economic stimulus to the country. How do these tax cuts really work though?
What Advantages Will The Adjustments Bring To Americans
The perks 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 People Will Benefit the Best From Package
The richest individuals or people generating over 1 million dollars a year will receive 80% of the benefit from these tax improvements.
Individuals Earning Over 200k Yearly Receive More Help
When you add in anyone who makes over 200k yearly in income then the total tax benefit for this group is 95% of the new changes.
How Will Everyone Else Be Helped?
If you look at the balance 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.
How Will This Effect American Business?
So far the current administration’s policies have led to an explosion 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 provide a boost to large businesses that could be reflected by embellished stock prices.
More information is at The Guardian