The recent federal overhaul (Tax Cuts and Jobs Act) disproportionately benefited the richest fifth of Americans. There are 5 tax proposals by lawmakers that would benefit lower and middle class workers, per a report by the Institute on Taxation and Economic Policy.
The group says that “[e]conomic inequality, stagnating wages for working people and child poverty are recognized as some of the defining challenges for America today. One possible response to these challenges is to use the tax code to supplement incomes of low- and moderate-income people. This report examines five proposals to create or expand tax credits to accomplish this goal, explains how they differ from each other and provides estimates of their impacts using the ITEP microsimulation model.”
Read more5 Tax Bills that Would Help Low-Income Taxpayers