Top 5% of taxpayers would get nearly half the benefit if Trump tax cuts are extended
CNN
The highest-income households would receive more than 45% of the benefits if the expiring provisions of the 2017 Tax Cuts and Jobs Act are extended, according to an analysis released Monday by the Urban-Brookings Tax Policy Center.
The highest-income households would receive more than 45% of the benefits if the expiring provisions of the 2017 Tax Cuts and Jobs Act are extended, according to an analysis released Monday by the Urban-Brookings Tax Policy Center. The tax cut law was a key accomplishment of former President Donald Trump’s first term, but the individual and certain business tax provisions are set to expire at the end of next year. Trump has promised to extend them if he is returned to the White House in November’s election. If the law’s provisions are made permanent, households making at least around $450,000 – roughly the top 5% – would be the biggest winners, the analysis found. They would see their after-tax income increase by 3.2%. For those in the top 1%, who make at least $1 million, that equates to a tax cut of about $70,000, on average, in 2027. The top 0.1%, who make at least $5 million, would pocket a tax cut of nearly $280,000, on average, or about 3% of their after-tax income. Middle-income households earning between roughly $65,000 and $116,000, on the other hand, would receive a tax cut of about $1,000, or 1.3% of their income. Overall, extending the 2017 tax law would reduce taxes for about three-quarters of households, but hike them for about 10%, according to the analysis.
FBI says it has disrupted major Chinese hacking operation that threatened US critical infrastructure
The FBI has used a court order to seize control of a network of hundreds of thousands of hacked internet routers and other devices that Chinese government-linked hackers were using to threaten critical infrastructure in the US and overseas, FBI Director Christopher Wray said Wednesday.
The Federal Reserve is preparing to cut interest rates for the first time in the Biden era after the White House spent the last three years grappling with Americans’ dissatisfaction with the cost of living, raising new questions about the health of the economy and the impact on voters at the ballot box.
Israeli officials notified the US that the country was going to carry out an operation in Lebanon on Tuesday but did not give any details about what they were planning, according to three sources familiar with the matter, including in a call between Defense Secretary Lloyd Austin and Israeli Defense Minister Yoav Gallant early Tuesday morning.