New ITEP study finds middle class Virginians only receiving small share of benefits
Virginia–When Republicans forced their disastrous tax bill through Congress, they doubled-down on the failed model of trickle-down economics and falsely promised the American people that their bill would spur investment and boost economic growth. But now, while millionaires and billionaires receive massive tax cuts, a majority of working families are seeing no benefit and face cuts to the critically-needed social programs.
According to a new analysis released this morning from the Institute on Taxation and Economic Policy, under the current Trump-Taylor Tax, the bottom 60 percent of Virginians only receive 13 percent of the tax benefits. If Congress were to extend the temporary measures in the bill beyond 2026, this number would drop to 8 percent.
Americans and Virginians are paying attention. According to new polling, only 31% of Americans support the tax bill and think it will help their family. In contrast, 57% think the Trump-Taylor tax bill will only help the rich. Those sentiments are supported by a new wave of evidence that working families just aren’t seeing the support while tax cuts for corporations and the super wealthy add up.
“Virginia families work hard to make ends meet and put a little away for the future,” said Progress Virginia executive director Anna Scholl. “We expect our elected officials to help create a level playing field where we all have the opportunity to succeed off our hard work. Donald Trump and Scott Taylor undermined our families when they pushed through a tax scam that primarily benefits big corporations and the super wealthy. With the evidence growing that the Trump-Taylor tax bill isn’t helping our families, it’s past time for Scott Taylor to vote to repeal this bill and get to work supporting working families.”
For More Information:
New ITEP Report: Extensions of the New Tax Law’s Temporary Provisions Would Mainly Benefit the Wealthy
Nonpartisan Tax Policy Center: “Only 27 percent of households in the lowest income quintile will receive a tax cut (or an increase in their tax refund), with most having no material change in their taxes.”
Washington Post: The tax cuts were supposed to be ‘rocket fuel’ for the economy. Since they passed, the markets are down.