The Countdown #22

Tax Cuts and Jobs Act

The legislation called the Tax Cuts and Jobs Act (TCJA) is something that sounds too good to be true. Guess what? It is.

The Trump Administration touts the TCJA as one of the most significant triumphs of his administration. Immediately there was a cut to taxes for individuals and corporations, but there is an important detail about these taxes over time. While the individual tax cut may have been evident for some, the TCJA legislation includes many aspects of phasing-in and phasing-out the cuts over the next ten years. The biggest 'phase-outs' of these cuts are solely for individuals.

The way the TCJA was written, 83% of those able to use this benefit consistently as an individual tax cut are the 1% of people making the highest incomes in the nation.

The Tax Plan Joe Biden has is clear. No one making under $400,000 a year will pay anything more in taxes. Middle class working families and those in need will see tax cuts. For Joe it is this simple; give the working people the tax cuts they deserve.

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