NARRATIVE FAIL: GOP Tax Cuts Are Not A Gift To The Rich, Analysis Finds

A new analysis from the nonpartisan Tax Policy Center revealed that the top wage earners will pay more in taxes in 2018 than they did in 2017, throwing water on the Democratic talking point that the tax cuts are only benefiting the wealthy.

The top 20% of wage earners, who paid 84% of all federal income taxes in 2017, will pay 87% of all federal income taxes in 2018, an increase of 3%. The New York Post reports:

The increase comes thanks to the tax-reform bill passed in December, which kept the progressive structure of the US tax code.

The new law reduced taxes for all income levels. Doing so increased the percentage of the total paid by workers earning $150,000 or more.

The analysis claims that approximately two-thirds of taxpayers will receive a tax cut while 6% will pay more and the rest will see “no significant change.” The assessment does indicate that the biggest beneficiaries of the bill are those earning from $300,000 to $733,000, who are projected to get a 3.4% tax cut.

The news comes as 505 companies have now announced pay raises, bonuses, 401(k) match increases, expansions, or utility rate cuts due to the GOP tax cuts that President Donald Trump signed into law right before Christmas.