In news that will shock no one, the Institute for Taxation and Economic Policy has tallied up the results of all the Republican tax cuts since 2000 and concluded that … most of it went to the rich. The average rich household today pays nearly $100,000 less in taxes than they would under the Clinton-era tax code, while the working and middle classes pay about $1,000 less:
ITEP figures that total taxes paid in 2018 are about $600 billion less than they would be if we had just left the tax code alone. That’s nearly the entire federal deficit projected for this year.
Just to make sure you get that: Republican tax cuts since 2000 are responsible for nearly the entire federal deficit. Repeal them all and the budget would be almost balanced.
