WASHINGTON ― Republicans insist their tax cut bill will benefit workers, though the legislation has few provisions that directly benefit people with modest incomes in the long run. Stock buybacks increase the value of shares held by investors ― a group that typically includes corporate executives, who are among the corporate tax cut’s biggest proponents. None expressed concerns about CEOs using tax cut gains to simply reward their investors. The basic plan is to reduce income tax rates across the board and to simplify the tax code by eliminating a vast swath of deductions that reduce the amount of income subject to tax. Republicans also could have proposed expanding eligibility for the earned income tax credit, which reduces tax liability and provides an annual refund check for 28 million households.

Source: Huffington Post November 30, 2017 18:08 UTC