Tax Cuts Impact Debate
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Tax CutsCNBC
•Business
Business & Economics
'Reverse Robin Hood scam' or windfall for middle class? Lawmakers debate Trump tax plan extensions
87% Informative
Republicans and Democrats are making competing claims about the impact of extending provisions in the Tax Cuts and Jobs Act .
Democrats view it as a handout for the wealthiest Americans .
Economists and tax experts say the answer isn't so straightforward.
Both sides can be correct depending on the frame of reference, tax experts said.
The top 1% paid 40% of all U.S. income taxes collected in 2022 , according to a recent Tax Foundation analysis.
The bottom 90% paid about a quarter — 28% — of total income tax.
The White House says the TCJA cut taxes more for working families than rich families.
VR Score
93
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94
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