I look forward to someone here having better data to refute this but the guy has done his homework and the numbers don't lie. Check out the comments section in the article as well.
Here are a few snippets from the article:
The IRS data shows that every income bracket received a tax cut because of the TCJA, but the taxpayers who received the biggest cuts, in terms of percentage saved, went to those who earned less than $75,000.
What we found is that lower- and middle-income Americans have received the largest tax breaks due to the TCJA — and these are not small amounts, either. We estimate tens of millions of filers have saved thousands of dollars because of the Republicans’ tax reform law, savings that are now at risk should Congress fail to extend the cuts before they expire at the end of 2025.
For example, the average filer in the IRS’s "$40,000 under $50,000" bracket paid 18.8% less in taxes in 2022 than they did in 2017. Similarly, the tax bill for filers in the "$50,000 under $75,000" bracket was 16.5% less in 2022 than it was in 2017. For comparison, those earning between $5 million and $10 million paid 2.3% less over the same period. So much for the "billionaire tax cut" narrative.
Ironically, the very law Democrats call a boon for the rich has made the U.S. tax code more progressive. We came to this conclusion by examining the tax burden paid by each IRS income bracket in 2017, the year before TCJA went into effect, compared to their burdens in subsequent years.
What we found is that in 2022, the most recent year for which data is available, every income bracket earning less than $200,000 paid a smaller share of the total personal income tax burden than they did in 2017. Conversely, every bracket above $200,000 paid a greater share.
www.foxnews.com
Here are a few snippets from the article:
The IRS data shows that every income bracket received a tax cut because of the TCJA, but the taxpayers who received the biggest cuts, in terms of percentage saved, went to those who earned less than $75,000.
What we found is that lower- and middle-income Americans have received the largest tax breaks due to the TCJA — and these are not small amounts, either. We estimate tens of millions of filers have saved thousands of dollars because of the Republicans’ tax reform law, savings that are now at risk should Congress fail to extend the cuts before they expire at the end of 2025.
For example, the average filer in the IRS’s "$40,000 under $50,000" bracket paid 18.8% less in taxes in 2022 than they did in 2017. Similarly, the tax bill for filers in the "$50,000 under $75,000" bracket was 16.5% less in 2022 than it was in 2017. For comparison, those earning between $5 million and $10 million paid 2.3% less over the same period. So much for the "billionaire tax cut" narrative.
Ironically, the very law Democrats call a boon for the rich has made the U.S. tax code more progressive. We came to this conclusion by examining the tax burden paid by each IRS income bracket in 2017, the year before TCJA went into effect, compared to their burdens in subsequent years.
What we found is that in 2022, the most recent year for which data is available, every income bracket earning less than $200,000 paid a smaller share of the total personal income tax burden than they did in 2017. Conversely, every bracket above $200,000 paid a greater share.
New study about IRS reveals just how much Trump tax cuts saved you
April makes everyone think of taxes. After a detailed analysis of tax payments, it's clear the Trump tax cuts were a huge benefit to the middle class. Now, will Congress keep them.
