New York, Oct 04 (V7N) -  The Democratic vice presidential nominee recently claimed that the 2017 Trump-era tax cuts "mainly benefited the wealthiest Americans." However, a federal agency report has refuted this assertion, indicating a broader impact of the tax reforms.

According to the report, while high-income earners did benefit from the 2017 Tax Cuts and Jobs Act, a substantial portion of the tax relief also reached middle-class Americans. The data shows that various income brackets, not just the wealthiest, experienced tax reductions. Many middle-class taxpayers saved money through lower tax rates and increased standard deductions.

Critics argue that the nominee's comments oversimplify the effects of the tax reforms. Although wealthier individuals did see larger dollar savings, lower and middle-income earners gained significantly as a percentage of their income. Economists emphasize that the tax cuts reached a wide array of taxpayers, resulting in a notable increase in disposable income for many middle-class families.

This discrepancy between political rhetoric and federal data highlights the complexity of tax policies and their varied impacts on different income groups, which remains a central issue in the 2024 election debate.

 

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