7 Surprising Tax Facts to Think About as You Pay Your Taxes [yesmagazine.org]

Alicia Doktor 4/18/1812:00 PM

1. Thanks to the Trump tax deal, taxes are way down for corporations and billionaires.

In 2017, individuals and corporations were still paying taxes under the old system. The Trump tax plan that Congress passed in December 2017 hadn’t yet taken effect.

In 2018, the rules have changed. The new tax plan favors billionaires and corporations, while leaving poor and middle income Americans essentially where they are. The richest 1 percent of Americans will receive a total of $85 billion in tax cuts in 2019, while the poorest 20 percent—one in five Americans—will receive tax cuts totaling just $3 billion. Foreign investors will benefit more from the tax cuts ($48 billion) than the bottom 60 percent (or 3 in 5) American earners ($41 billion, combined).

[For more on this story by Lindsay Koshgarian, go to http://www.yesmagazine.org/new...-your-taxes-20180417]

Add Comment

Comments (0)

<ul id="{%=id%}ButtonGroup" class="button-group h-popup-buttons even-button-group even-1">
    <li id="{%=id%}Okay_buttonContainer"><a id="{%=id%}Okay" href="javascript:void(0);" class="button success no-margin-bottom h-alert-modal-ok-button" role="button">OK</a><script type="text/javascript">
        (function() {
            function {%=id%}Okay_click(event, data) {
            {%=id%}Popup.hide();
        }
        
                $('#{%=id%}Okay').on('click', {%=id%}Okay_click);
        })();
    </script></li></ul><a href="javascript:void(0);" class="close-reveal-modal" aria-label="Close Modal">&#215;</a><div class="last-modal-focus focus-utility-element" tabindex="0"></div>
</div>
<script type="text/javascript">
        (function() {
            {%=id%}Popup = new SS.Popup.ModalPopup('{%=id%}');
        })();
    </script>

Skip to main content

1. Thanks to the Trump tax deal, taxes are way down for corporations and billionaires.

Add Comment

Membership Required

Remove From Your Block List

Manage Follow Preferences

Block

Please wait...