Once again, the Democrats ’tax cuts in the tax-free scheme should cut taxes for everyone except the wealthy” far more “than the Republican Party did in the first year after the tax cut, according to For reporting from Politico. Not only those who earn less than $ 75,000 a year can’t afford to pay anything, but those who earn Between $ 75,000 and $ 100,000 can pay nearly nothing – just 1.8% on average this year, according to the non-partisan Joint Commission on Taxation.
”This will shift the relative burden on the wealthy, at least temporarily. Those who earn more than $ 500,000 are expected to pay more than two-thirds of all income taxes this year.
So, while Republicans attack the idea of raising taxes on the nation’s richest individuals and companies, Democrats reversed the scenario by cutting taxes on everyone else.
“It was a big tax cut for people with low and middle incomes,” Howard Glickman, senior fellow at the Center for Tax Policy, told Politico. He noted that people generally don’t think of stimulus payments as tax cuts, but that is exactly what they are. “It plays against gender – the Democrats are not supposed to lower taxes, Democrats are supposed to raise taxes.”
Democrats also went largely into their cuts – slashing about $ 492 billion in revenue over the course of the year, one of the largest one-year cuts in Congressional history. That number dwarfs the first year of Republican tax cuts, which cut taxes by $ 136 billion.
But the Democrats’ cuts were also temporary, and Democrats will now push their perpetuation into federal law while also eyeing the possibility of raising interest rates on the big corporations and the wealthy.
Meanwhile, the Democrats are heading into 2022 to be able to fight the massive tax cuts they gave most Americans – without a single Republican vote.