Despite what most Americans may have heard in the news, the vast majority of taxpayers did get a tax cut from the 2017 Tax Reform signed by President Trump. Sahil Kapur and Laura Davison report for Bloomberg:
When the law passed, McConnell said, “If we can’t sell this to the American people, we ought to go into another line of work.” He added that the GOP merely needed to tell the public “that you have more money in your pocket.”
But an NBC/Wall Street Journal poll this month showed that just 17 percent of Americans believe their taxes have been cut. A Reuters/Ipsos poll in March found that 21 percent thought their taxes were lowered.
That’s despite an analysis by the nonpartisan Tax Policy Center that two out of three taxpayers would see their taxes go down. The biggest benefits, though, go to the top 1 percent, who are projected to receive an average tax break of $62,000 in 2018, while the middle one-fifth of income earners got an average tax cut of $1,090 — about $20 per week.
Read more here.
Jeremy Jones, CFA
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