Image Credit: Upgraded Points
With the recent passage of legislation extending key provisions of the Tax Cuts and Jobs Act (TCJA), the debate over who benefits most from the U.S. tax code has once again come into focus. Originally passed in 2017, the TCJA lowered individual tax rates, increased the standard deduction, and expanded the Child Tax Credit—changes that many experts say offer benefits to low- and middle-income families. At the same time, provisions like reduced rates on high incomes, lower corporate taxes, and expanded estate and gift tax exemptions disproportionately favor wealthier Americans,1 according to analyses from bipartisan sources.
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