PeterS wrote:
The majority of the cuts went to the working class. So list all the cuts and show us how they went to the working class. Aren't you a brainiac with a finance degree? It should be a piece of cake for you.
It took about 20 seconds to find the answer. Obviously, you did it want the answer or you’d have found it. Twitbrain!
IRS Data: Middle Class Americans Saw Significant Tax Reduction from Trump Tax CutsAs the data notes, Americans with incomes between $50,000 and $100,000 saw a substantial decline in their tax liability:
* Americans with adjusted gross income (AGI) between $50,000 and $74,999 saw a 15.2 percent reduction in average tax liabilities between 2017 and 2019.
* Americans with AGI of between $75,000 and $99,999 saw a 15.6 percent reduction in average federal tax liability between 2017 and 2019.
Middle-class Americans in key states were delivered significant tax cuts:
* Floridians with AGI between $50,000 and $74,999 saw a 19.6% reduction. Floridians with AGI between $75,000 and $99,999 saw a 17.2% reduction.
* New Yorkers with AGI between $50,000 and $74,999 saw a 18.9% reduction. New Yorkers with AGI between $75,000 and $99,999 saw a 12.4% reduction.
* Californians with AGI between $50,000 and $74,999 saw a 18.4% reduction. Californians with AGI between $75,000 and $99,999 saw a 14% reduction.
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The TCJA also caused millions of Americans to see an increased child tax credit, and millions more qualified for this tax cut for the first time. The TCJA expanded the child tax credit from $1,000 to $2,000 and raised the income thresholds so millions of families could take the credit.