Listen: Bill, Mark Mazer And David Cayman discussed on All Things Considered
"Will have more take home pay starting next month. And that was true. Mark mazer of the urban Brookings tax policy center says people at every part of the income spectrum benefited at least a little from Trump's tax cut low income families with children might see a tax cut of fifty one hundred dollars a year in the middle income categories that Texas would be several hundred dollars. And he says high end tax payers may have saved thousands or even tens of thousands of dollars. The Trump initially promised that rich people would be hurt by his tax Bill. They weren't says former Obama administration official David Cayman, those at the top are not paying on average more because of this Bill quite the opposite. They're getting a disproportionate amount of this tax cut still most people some two-thirds of American taxpayers. Gotta tax cut says Mark mazer. But mazer says there's a problem for Republicans. I think a lot of Americans don't really seem to to feel that tech. Cut in surveys done over the past year. Most Americans say they don't think they benefited from the cut even when they did David came and says the tax cut kind of got lost for middle to low income Americans the tax cut was not all that large. It was then spread out over time as they would just get a somewhat bigger paycheck immediately. As a result. A lot of people didn't even realize they gotta tax cut. The Bill also created some geographic winners and losers it sharply cut the amount of money people could deduct for state and local taxes which hurt millions of people in high tax states such as New Jersey in California. That's not the vast majority of Americans, but there are a relatively small number who do immediately face a tax increase under though and bar tax from deducting business expenses such as computer software or a magazine. Subscriptions the tax policy center says about six percent of Americans saw their taxes rise. As a result of the Bill and came in says, the Bill will have another harmful effect when you begin to think through what this tax Bill means over the long term. It becomes clear this is likely to leave. Most Americans worse off he says, the tax cut has meant less revenue coming into the government. The federal debt is growing that will have to be paid venture -ly either through higher taxes or cuts in government services. And there's one more unpleasant fact under the tax Bill the cuts for individuals are set to expire after twenty twenty-five, so unless congress decides to extend them people will end up."