The Tax Policy Center estimates that in 2018, the top 1 percent would get 20.5 percent of the tax cuts. The Tax Policy Center found that 80.4 percent of all taxpayers would have a tax cut, compared with about 5 percent experiencing a tax increase. In terms of just individual tax cuts — which we should consider given that Biden was addressing union workers and other campaign supporters — the Tax Policy Center found 65 percent of taxpayers would get tax cuts. Republicans structured the tax cut this way to keep the whole package — especially the corporate tax cut — in a budget box that allowed only for a $1.5 trillion increase in the federal deficit over 10 years. The assumption — possibly a big one — is that Congress will vote to extend the tax cuts when they begin to expire, just as most of the George W. Bush tax cuts were extended, with the eventual support of Democrats who had long opposed the Bush-era cuts.

Source: Washington Post May 01, 2019 06:56 UTC