'A terrible deal for ordinary Americans and a windfall for foreign investors and the richest 1% of Americans.'
By contrast, ITEP showed, people in the top 1% of the income distribution would see an average tax cut of $16,550 under the legislation.
The wealthiest 20% of Americans would receive a total of $60.8 billion in tax cuts next year under the new bills, which are unlikely to pass the divided Congress.on Tuesday, would also reward foreign investors to the tune of $23.8 billion next year by slashing business taxes, the ITEP analysis found, pointing to research showing that"foreign investors own 40% of stocks in American corporations and would therefore receive a significant share of the benefits from corporate tax cuts.
Steve Wamhoff, ITEP's director of federal policy and the author of the new analysis, said House Republicans' legislative package"looks like a terrible deal for ordinary Americans and a windfall for foreign investors and the richest 1% of Americans." Wamhoff noted that while the legislation"includes an increase in the standard deduction that would help some middle-income taxpayers," the change"would do little for those who most need help."
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