Well it's time for another update on how corporate America intends to spend the windfall from the GOP tax cuts which the Trump administration variously pitched as a "middle class miracle" despite the fact that trickle down economics literally never works out as planned and despite the fact that independent analysis shows that the benefits of the tax cuts will accrue disproportionately to the wealthy.
As a reminder, here's what your "middle class miracle" will look like in terms of the distribution of benefits within 10 years:
So by 2027, Trump's tax cuts will actually raise taxes on 53% of households. Here's the tax policy center's assessment:
On average, taxes would be little changed for taxpayers in the bottom 95 percent of the income distribution. Taxpayers in the bottom two quintiles of the income distribution would face an average tax increase of 0.1 percent of after-tax income; taxpayers in the middle income quintile would see no material change on average; and taxpayers in the 95th to 99th income percentiles would receive an average tax cut of 0.2 percent of after-tax income. Taxpayers in the top 1 percent of the income distribution would receive an average tax cu
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