A non-billionaire wrote in to say he will be saving $3,200 in taxes under the new law, rejecting liberal newspaper accounts that the law only benefited billionaires. The liberal media never said only billionaires would benefit.
The writer’s calculations show that his household income is likely in the range of $100-200,000/year. Households in the $18-53,000 range see a $30 benefit, between $50-100,000 will see a $1,700 benefit and those who make between $200-460,000 will see a $12,500 benefit. The real winners, and those who will notice the difference the least, earn more than $460,000 who will on average save $21,000.
Low- and middle-class tax cuts make sense, but to give over 50% of the tax cuts to the top 5% of earners, who will likely save and not spend their savings, does not.
Kenneth Graham
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