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Trump's 2017 tax cuts expire soon ? study shows they made income inequality worse and especially hurt Black Americans


Published on 2024-12-17 09:41:08 - MSN
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  • The Tax Cuts and Jobs Act, a set of tax cuts Donald Trump signed into law during his first term as president, will expire on Dec. 31, 2024. As Trump and Republicans prepare to negotiate new tax cuts in 2025,

The article from MSN discusses a study by the Institute on Taxation and Economic Policy (ITEP) which analyzed the impact of the 2017 Tax Cuts and Jobs Act (TCJA) signed by former President Donald Trump. The study found that the tax cuts, which are set to expire in 2025, have exacerbated income inequality in the United States. Specifically, the tax benefits disproportionately favored the wealthy, with the top 1% receiving an average tax cut of $60,000, while the bottom 20% saw only a $40 reduction. The analysis highlighted that Black Americans, who are overrepresented in lower income brackets, were particularly disadvantaged by these tax policies. The study suggests that the expiration of these tax cuts could provide an opportunity to address these disparities by restructuring tax policies to be more equitable.

Read the Full MSN Article at:
[ https://www.msn.com/en-us/politics/government/trump-s-2017-tax-cuts-expire-soon-study-shows-they-made-income-inequality-worse-and-especially-hurt-black-americans/ar-AA1w1lAt ]
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