JCT, c/o John Cochrane

From John Cochrane’s blog, The Grumpy Economist, is a table showing share of taxes paid by income group, pre- and post-new tax law. and as calculated by the Joint Committee on Taxation (JCT):

SHARE OF TAXES PAID

INCOME CATEGORY                  OLD LAW       NEW LAW

Less Than $10,000                            0.2%                 0.2%

$10,000 – $20,000                           -0.1%                -0.1%

$20,000 – $30,000                            0.7%                 0.6%

$30,000 – $40,000                            1.5%                  1.4%

$40,000 – $50,000                            2.1%                  2.0%

$50,000 – $75,000                             8.2%                 8.2%

$75,000 – $100,000                           8.7%                 8.7%

$100,000 – $200,000                      29.1%               29.3%

$200,000 – $500,000                     22.4%               22.2%

$500,000 – $1,000,000                    7.9%                 7.8%

$1,000,000 and over                        19.3%               19.8%

Critics have argued that the tax cuts won’t pay for themselves (that’s probably right) or that they won’t produce the claimed level of growth (that’s difficult to calculate). However, those who claim that the wealthy will have a disproportionate benefit are just wrong.

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