Taxes

The Trump tax cuts that went into effect in 2018were across all income brackets. Since the rich already pay most of the taxes, the top ten percent of wage earners pay 76% of total taxes, when you cut taxes the rich get a bigger cut. This is in total value and so those who opposed Trump's plan say it helped the rich more than the poor and they are correct. However if you look at who got the biggest tax cuts on a percentage basis the lower income groups fared better. People with gross adjusted incomes of $15,000 to $50,000 got a cut of 16 to 26% Filers who earned between $50,000 and $100,000 got tax breaks of 15 to 17% and those with incomes of $100,000 to $500,000 got tax cuts of 11 to 13%. By comparison those with AGI's of $500,000 to one million received a 9% cut and those over $ one million got a 6% cut. VP Harris says she will not renew the Trump tax cuts and she also says that no one earning less than $400,000 will see their taxes go up and that is true as far as it goes. But those lower income groups that have the benefit of the Trump cuts will lose those cuts. For these people they will see their tax liability go up and for them that is an increase in taxes.