Most people making less than $200K got small tax cut under Trump law, says expert

Most individuals making less than roughly $200,000 got a small tax cut under President Trump’s law, tax policy expert Alexandra Thornton told Hill.TV on Monday.

“Their tax cut was pretty small if they were anywhere below, say, $200,000,” Thornton, the senior director of tax policy at the left-leaning Center for American Progress, told hosts Krystal Ball and Buck Sexton on “Rising.”

“So somebody making, for example, $40,000 to $50,000 would have had a tax cut in 2018 of about $670 on average, whereas people making over a million had a tax cut of like $88,000 on average,” she said.

“But another way to look at it is after-tax income. So how high is a person’s after-tax income after this tax bill went into effect?” she said. “The reality is that the after-tax income increase for people at the low end was less than 2 percent, but for people at the high end — $500,000 of income, $1 million or more — it was as much as 4.3 percent.”

The tax filing deadline is Monday in most states, marking the first time Americans are sending in their returns under the first full year of Trump’s 2017 tax law.

Republicans and the administration have touted the tax-cut law, arguing economic data shows that it has benefited the middle class, but nearly half of Americans have a negative view of the law, according to polling.

A Pew Research Center survey conducted late last month found that 36 percent of respondents said they approved of the law, while 49 percent say they disapproved of the measure.

— Julia Manchester


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