NYT: “To a large degree, the gap between perception and reality on the tax cuts appears to flow from a sustained and misleading effort by liberal opponents of the law to brand it as a broad middle-class tax increase.”
Highlights from today’s New York Times:
“Experts are divided on whether the tax law was a good idea. But there is little disagreement on this core point: Most people got a tax cut.”
“The Joint Committee on Taxation — Congress’s nonpartisan team of tax analysts — found that every income group would see a tax cut on average. So did the Institute on Taxation and Economic Policy, a left-leaning think tank that was sharply critical of the law. In fact, that group went even further: In a December 2017 analysis, it found that every income group in every state would pay less on average under the law in 2019.”
“The vast majority of people did get a tax cut,” said Nathan Rigney, an analyst at H&R Block’s Tax Institute. “That’s been clear all along, he added, “just now we have real data to back that up.”
The Tax Cuts and Jobs Act included three amendments Senator Collins authored that further reduced the tax burden on hardworking Americans, enhanced retirement security, and helped families who are struggling to afford high medical costs. It also contained a number of additional improvements she advocated for, such as preserving benefits for higher education, protecting small investors, and retaining the historic tax credit.