The Tax Cuts and Jobs Act of 2017 significantly reduced the corporate tax rate and increased the estate tax exemption for wealthy individuals. However, analyses show that, starting in 2027, lower- and middle-class families could face tax hikes surpassing pre-2017 rates. This period has notably seen a $20 billion decrease in charitable donations, revealing a troubling trend where the economic gains for the wealthy come at the expense of community support. As Congress aims to sustain benefits for the affluent, the widening gap in wealth distribution and its impact on social services grows increasingly evident.
The Tax Cuts and Jobs Act of 2017 slashed the corporate tax rate and doubled the estate tax exemption, benefitting the wealthy but potentially increasing tax burdens on lower-income families.
Following the Tax Cuts and Jobs Act, Congress is discussing protecting wealth for billionaires while lower and middle-class families might face tax hikes exceeding pre-2017 levels.
Charitable donations fell by $20 billion due to tax reforms, revealing the consequences where increasing wealth for the few resulted in reduced contributions to aid the many.
The disparity in tax benefits highlights a trend where the ultra-wealthy capture the majority of gains while working-class voters are left grappling with stagnating benefits and jobs.
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