The Tax Policy Center broke down how the Democrats COVID-19 relief bill, which will likely be signed into law this week by President Biden, will affect Americans across income brackets in one easy-to-read chart on Monday.
In its analysis, TPC compared the American Rescue Plan's expected tax relief to that of the 2017 Republican-led Tax Cuts and Jobs Act, which also passed through the Senate along party lines with a simple majority vote thanks to a procedural tool called budget reconciliation. This time around, the vast majority — nearly 70 percent — of the tax benefits from the ARP will go to low- and moderate-income households, which includes those making $91,000 per year or less. Nearly half of the TCJA cuts, on the other hand, went to the top 5 percent of earners, which that year included those who made more than $308,000.
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