President Donald Trump's landmark 2017 tax legislation will benefit rich households in Republican states more than rich households in Democrat states, a new research paper says.
Perhaps best known on Wall Street for lowering the corporate rate tax to 21%, the Trump administration's Tax Cut and Jobs Act also made notable changes to personal taxation. Republican leadership cut the top individual income tax rate from 39.6% to 37% and modified the amount for a number of tax credits. It also nearly doubled the standard deduction to about $12,000 for singles and $24,000 for married joint filers.
"If changes to SALT had not occurred, the gains in spending would have been very similar for the top 10 percent regardless of state," Altig wrote."Excluding the SALT limitation from [the Tax Cut and Jobs Act], the average red-state spending gain is 1.9 percent versus 2.1 percent for blue states."
They helped poor people in none of them.
Mass killings are up in Republican states so is voter fraud. Look at NC Georgia and Florida. Look at what happens in the church. Those are fool of Republicans. Sex scandal at every church. Republicans you just have more money to break the law. You are no better.
thousand_points That result was intentional on part of GOP
Probably with Putin’s help
“Democratic”
'Democrat states'? The proper usage is 'Democratic states.' Unless you're a GOP shill, of course, since the improper form is a focus-group-tested GOP rhetorical tactic, intended to sound pejorative. Do better.
It's the Democratic Party...are you a right wing talking point?
Dear . We are the Democratic Party. Republics are the only ones who call us the Democrat Party.
That should be 'Democratic states', dummy. Stop pandering to the right wing.
ScottJenningsKY Suck it Mr. Find A Better Accountant. Your partisan opinion doesn't matter in a fact based world.
yes and that was their intent. also a huge wealth transfer from the poor and middle class to the wealthy
Unfair&divisive tax. Worst for mid class $150k-$400k. They are not rich. This group pays more percentage of Fed tax than others. Get less breaks. More of them live in blue states. This group got shafted last time by the 3.8% heath tax over $200k-250k, too low of a threshold.
That’s because of the states that the Democrats aren’t are not helping people in general
Good
Just rich people? Any Republican is better off than any Democrat.
Good.
That’s the way the cookie crumbles.
And this is surprising?
Fake Narrative
'the legislation's limitations on state and local property, income and sales tax deductions'. Great. Why should Fed revenue be diminished because of high tax states? Put a limit in deductions as the new law did.
Shocker. What gave that away? The cap on SALT deductions? If you don’t like paying high taxes, elect Republicans!
As it should be. Just consider it a DA tax.
😂😂😂😂😂😂
I am rich and quite happy don’t see a problem 👹
Or you could say the the Democrat run states tax there people more to spend money on non citizens for free health care , free college
CNBC is a shill for the DNC. It used to be a business channel. Not anymore. Switch to BloombergTV or FoxBusiness
CNBC sucks
That is why he will do a 2nd term cause that is who the wealthy wants and they are the real people calling the shots Politicians are nothing but their protectors Money speaks louder than votes
Fake News.
And before the Trump Tax Cuts the existing tax code helped rich people in Blue States more than rich people in Red states... Blue state rich people were being subsidized on the backs of the red state middle class. What’s your damn point exactly?
Have the Democrat states lower their oppressive taxes then. You hear me, New Jersey!?!? FortunatoJeff
Of course they did. Blue states have much higher SALT to pay for their expensive liberal subsidies. Deal with it.
Alt headline: Even after Federal Tax Relief, Dem States Have Higher Tax Burden
Pouring SALT in the wound
Give me a break. Old tax code helped those in democratic states more. Actually, they were subsidized by Republicans because of salt deduction. Write that!!! Didn’t think so.
Let me fix that for you. Trump tax cuts helped RICH PEOPLE in GOP states more than RICH PEOPLE in Democrat states
Tax is same but the Democratic states are taxing them more. Trump doesn’t pick states at gov level 🤦♀️
Because EXTRA money NEVER HELPS Democrats in Democratic states. Give them EXTRA money, and they will tax it, redistribute it to hopeless causes, and squander it on trains to nowhere🤔
Only because those nutty Blue states have such high (and rising) sales and local taxes.
GOP has said the people in blue states should vote to bring their taxes down. I just heard per DHS official a shelter for migrants costs $700 per person per night -- clearly public money is not being properly managed.
nZ BC sjdjd x
That’s why we are all moving to GOP states.
jack Misleading fakeNews What is the goal to cherry pick numbers like this disingenuous
These Democrat states are happier now because they get what they want, Higher Taxes relative to GOP states (that want lower taxes).
Wasn't that the point in the Tax Cuts?
By design. Yes.
Well, of course - by design (AKA SALT)! 😢
What percentage of tweets are really from MSNBC ?
Never store your crypto on any exchange ! It is not secured, Get a New Ledger Nano X today at discount price
UNTRUE! FakeNews Ask those sh**ty little Hacker Nerd Tech Billionaires in Cali...