Woodstock Quarterly Newsletter / Spring 2018
One of the things the new tax bill didn’t lower is the percentage of the income tax paid by the highest earners. In fact the very “progressive” income tax became more so. According to Congress, the income tax is expected to raise 50% of the total federal revenue in 2018, which is the largest source of US revenue.[1] The highest earning 20% of taxpayers, those expected to earn $150,000 or more, will pay 87% of the income tax, up from 84% in 2017.