The people who need it the least will benefit the most and do you understand we have a 36T deficit to address?
Top 5% of taxpayers would get nearly half the benefit if Trump tax cuts are extended
"If the law’s provisions are made permanent, households making at least around $450,000 – roughly the top 5% – would be the biggest winners, the analysis found. They would see their after-tax income increase by 3.2%."
For those in the top 1%, who make at least $1 million, that equates to a tax cut of about $70,000, on average, in 2027. The top 0.1%, who make at least $5 million, would pocket a tax cut of nearly $280,000, on average, or about 3% of their after-tax income.
Middle-income households earning between roughly $65,000 and $116,000, on the other hand, would receive a tax cut of about $1,000, or 1.3% of their income.
Overall, extending the 2017 tax law would reduce taxes for about three-quarters of households, but hike them for about 10%, according to the analysis."
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In the meantime, hundreds of thoudsands of decent hard-working people are undergoing real pain to pay for them. A realative of mine just posted this about a friend of hers today:
"In the name of "government efficiency," I will be losing my job, effective April 2nd. I am lucky. So many of my peers were laid off already with far less warning. The job market is flooded and so many fields, including mine, are entirely decimated.
I am a Senior Researcher at an education nonprofit. The work we do that was determined to be fraud, waste, and abuse, directly helped your kids. We address critical teacher shortages in states across the country, provide technical assistance to educators in Region 8 (primarily red states) and in the Pacific (where we have SO MANY military bases), provide curriculum development and coaching, evaluate program effectiveness so that school districts understand what strategies work, and conduct innovative research to better understand student experiences and interventions (for example, diagnosing and intervening for students with dyscalculia).
Our crime? Using language that was specifically requested during contract procurement.
These DOGE cuts are not just an illegal power grab. They are inhumane. What I just described is just a small fraction of what they have taken from you.
I did everything "right." I bootstrapped my way through college with three jobs, spent a year as a public servant through AmeriCorps, went to graduate school for five years (where I also supported myself with two additional jobs the whole way through), spent a year as an apprentice in my postdoc, and entered the professional world to give back to my community and my fellow citizens. It doesn't matter.
Hard working Americans across the country who only seek to give back and make the US a better place are losing their jobs, and you and your kids will suffer the loss."