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News Today: Under GOP Tax Law, Top 1% Get Extra $33,000 Per Year—The Poor? $40-News of the United States was founded in 1933 by David Lawrence (1888-1973), which also started the World Report in 1946. The two magazines are covering national and international news separately, but Lawrence combines them into news reports of U.S. in World and 1948 [1] and Later sold the magazine to its employees. Historically, this magazine tends to be a bit more conservative than the two main competitors, Time and Newsweek, and focus more on the story of economic, health, and education. It's also distancing news, entertainment and sports celebrities. [2] an important milestone in the history of the beginning of the magazine is including the introduction of the "Washington Whispers" column in 1934 and the column "News You Can Use" in 1952. [3] [4] in 1958, the circulation of the weekly magazine passed one million and two million in 1973. (
wikipedia) News Today: Under GOP Tax Law, Top 1% Get Extra $33,000 Per Year—The Poor? $40
Republicans are openly discriminating against the poor.
In its first analysis of how the GOP tax plan will affect Americans' personal income taxes alone, the nonpartisan Tax Policy Center (TPC) this week underscored what experts and most of the public already knew: that the Republican tax law will pour tens of thousands of extra dollars into pockets of the wealthy few while providing mere crumbs for the poor.
Specifically, according to TPC's new report, the top one percent of earners will receive an average annual tax cut of around $33,000 just from individual tax changes under the GOP law. The poorest Americans, by contrast, will see an average break of about $40 per year.
"While most of the corporate tax cuts flow to the top of the income distribution, what this shows is that even in the direct changes to the individual-side of the tax code, most of those changes are still being allocated to the top," Kim Rueben, a senior fellow at TPC, told the Washington Post.
The Post published a visual of the disproportionate gains seen by those at the very top:
As the Post's Jeff Stein noted in a breakdown of TPC's analysis on Friday, the tax break for the wealthiest is even larger—$51,140—when the corporate tax cuts and the reduction of the estate tax are factored in.
TPC's analysis of the Republican tax plan—which President Donald Trump signed into law last December—comes as profitable companies continue their stock buyback binge while most Americans report seeing very few if any changes in their paychecks.
Despite Treasury Secretary Steve Mnuchin's promise that Americans would start seeing a positive bump in their checks no later than February 15, the majority of the public said they have yet to see any boost from the GOP tax law, according to a CNBC poll published on Tuesday.
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News Today: Under GOP Tax Law, Top 1% Get Extra $33,000 Per Year—The Poor? $40
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News Today: Under GOP Tax Law, Top 1% Get Extra $33,000 Per Year—The Poor? $40
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