Listening to progressives talk about the 2017 tax reform law, you’d come away thinking that the law was a massive giveaway to the wealthy. But as new data from the IRS shows, that’s simply not the case. In fact, as a percentage of federal individual income taxes paid, the wealthiest Americans are now shouldering an even greater portion of the burden than they were before.
IRS data on tax filings is generally released about two years after the filing deadline, so until this point we have had no official data on tax returns under the new tax code. Of course, the fact that the Tax Cuts and Jobs Act (TCJA) would make the tax code more progressive was apparent back in 2017 as well — but this just-released post-filing data provides definitive proof.
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