President Trump's landmark tax legislation will benefit rich households in red states more than those in blue states, a new study finds.
President Donald Trump's landmark 2017 tax legislation will benefit rich households in Republican states more than rich households in Democrat states, a new research paper says.
Perhaps best known on Wall Street for lowering the corporate rate tax to 21%, the Trump administration's Tax Cut and Jobs Act also made notable changes to personal taxation. Republican leadership cut the top individual income tax rate from 39.6% to 37% and modified the amount for a number of tax credits. It also nearly doubled the standard deduction to about $12,000 for singles and $24,000 for married joint filers.
"If changes to SALT had not occurred, the gains in spending would have been very similar for the top 10 percent regardless of state," Altig wrote."Excluding the SALT limitation from [the Tax Cut and Jobs Act], the average red-state spending gain is 1.9 percent versus 2.1 percent for blue states."
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