Middle-class Americans will get $122.6 billion in tax cuts in 2019 under the Republican tax plan likely to win Congressional approval this week, according to an analysis released Monday by the Joint Committee on Taxation.
That means that the American middle-class will get around 47 percent of the $259.5 million in individual and business tax cuts for 2019.
Households earning between $40,000 and $200,000 make up around half of all American households, according to JCT data. Pew Research defines the American middle class for a family of three as running from $42,000 to $125,000 of pretax income. The JCT data do not break out data between $100,000 to $200,000, so its impossible to narrow the range without excluding many middle-income Americans.
The JCT data supports the Trump administration’s position that the middle-class would significantly benefit from the tax bill. Critics have said that the bill would not benefit the middle-class, an argument that the JCT data prove is false. – READ MORE
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