TCJA BENEFITED MIDDLE CLASS MOST, TAXES REDUCED BY DOUBLE DIGIT PERCENTAGES

Key Points:

  • The IRS released 2018 income statistics showing the reduction in federal tax liability from 2017-2018 by income brackets.
  • Middle-income earners saw the largest percentage tax cuts from the 2017 Tax Cuts and Jobs Act (TCJA).
  • Taxpayers earning less than $100,000 saw double digit percent decreases and those making at least $1,000,000 saw single digit decreases.
  • The Right Facts will continue to monitor the long term impacts of tax cuts.
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