Who Does Benefit From the Tax Cut Anyway?
Richest Americans Could See Largest Savings
Change in after-tax income by income bracket, 2018
Source: Tax Policy Center
Richest Americans Could See
One change is getting a lot of attention: Republican leaders want to eliminate the state and local tax deduction.
Share of tax filers using state and local tax DEDUCTIONS
If state and local tax deductions are cut, some
districts will suffer more than others.
This would hurt many Americans, especially those who live in states like California and New York with high state and local taxes.
That group clearly includes many rich families, but more than half of this deduction benefited taxpayers with incomes of less than $200,000
in 2015, according to Government Finance Officers Association, which represents officials from local and state governments.
Share of tax filers using state and local
The House on Thursday narrowly approved a budget that Republican leaders and President Trump hope to use as a legislative vehicle to cut taxes.