Courtesy Greg Mankiw, the Joint Committee on Taxation distributional analysis of the novel taxation law.
Bottom line: No change. Income categories are paying near just the same part of federal taxes equally before. Millionaires genuinely pay a tiny flake larger part inward the novel bill.
Given the distributional hue together with cry, frankly, it is a surprise to me simply how tiny -- far below measuring errors -- the changes are.
One tin debate whether this is the "right" mensurate of progressivity or redistribution, whether a taxation cutting should include a modify inward which income categories pay what share. But it summarizes the facts, which are stubborn things. Shares of federal taxes paid past times income groups create non change. Millionaires larn bigger dollar taxation cuts just to the extent that they pay higher taxes. Period.
Note to those exterior the beltway: The Joint Committee on Taxation is the commission fix past times Congress to evaluate taxation policy. Most criticism I've seen of its calculations lately come upward from the right.
Bottom line: No change. Income categories are paying near just the same part of federal taxes equally before. Millionaires genuinely pay a tiny flake larger part inward the novel bill.
Given the distributional hue together with cry, frankly, it is a surprise to me simply how tiny -- far below measuring errors -- the changes are.
One tin debate whether this is the "right" mensurate of progressivity or redistribution, whether a taxation cutting should include a modify inward which income categories pay what share. But it summarizes the facts, which are stubborn things. Shares of federal taxes paid past times income groups create non change. Millionaires larn bigger dollar taxation cuts just to the extent that they pay higher taxes. Period.
Note to those exterior the beltway: The Joint Committee on Taxation is the commission fix past times Congress to evaluate taxation policy. Most criticism I've seen of its calculations lately come upward from the right.
