Stimulus Bill Has A Few Last Minute Changes To Tax Code
The nation’s historical economic stimulus bill has bundled a few last-minute modifications to the country’s tax code. The current distraction has said 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 Modifications Affect Americans
The benefits to these tax adjustments 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 families or people earning 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 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 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 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 exaggerated stock prices.
More information is at The Guardian