The middle class, it seems, will get a break on taxes.
The top 1% of earners will get the largest tax cut of any income group.
But if the top 0.1% does end up getting a big tax cut, that could be bad news for the rest of us.
That’s because the middle classes will be left worse off in retirement.
This is not about taxes or politics, said Tom Hickey, a senior fellow at the nonpartisan Tax Policy Center and a former aide to Sen. Bernie Sanders (I-Vt.).
“This is about the economy.
The middle classes have lost ground.
They’re losing their jobs, they’re losing home ownership, they’ve lost their health insurance.”
For many Americans, retirement is just another day at the office.
But the average retirement account is a relatively small portion of the total retirement savings.
As a result, the retirement account balance is less than the value of the retirement income itself.
And for many people, the value is much smaller than the investment they’re making.
What the middle earners loseThe middle class has lost ground since the mid-1980s, when tax cuts and deregulation led to the rise of 401(k)s and other retirement savings accounts.
The amount of money in these accounts has risen significantly since then.
The average retirement savings balance now stands at $11,300.
The median retirement account value is $3,200, according to data from the Internal Revenue Service.
The median retirement income for a typical American is $47,000.
So the middle 1% earned a mere $1,300 in retirement in 2015, while the bottom 99% earned $4,000 more, according the Bureau of Labor Statistics.
But the middle 99% have more to lose.
The retirement savings that have grown the most in recent years have not been taxed.
And in fact, many of the people who have accumulated these accounts are paying taxes on those contributions.
The vast majority of these people are making more than $100,000, according of the Pew Research Center.
The average income for the top 1%, on the other hand, is almost $50 million, according a recent study by the Tax Policy Institute.
This means that those making over $100 million would be paying an effective tax rate of nearly 24%.
The average retirement balance for a middle-income family is $1.7 million, while a typical family makes less than $50,000 according to the Tax Foundation.
The middle 1%.
are getting more than twice as much in retirement, according, according some experts, as they did in the early 1980s.
They are making a larger share of their retirement income, according.
But these gains have slowed over the last few years.
The Tax Policy Project estimates that the average retiree’s retirement account has shrunk by about $200 over the past decade.
For middle-class Americans, these tax changes are bad news.
It means that they have less retirement income to invest and that their retirement assets are shrinking faster than the rest.
The impact of this could be catastrophic for the U.S. economy.
For the middle income earners, however, the benefits of this tax change are not so dire.
The increase in tax credits, combined with the lower overall tax rate, should offset these gains, according Tom Haney, a professor of public policy at Georgetown University.
For many middle- and upper-income families, the benefit of the middle tax breaks is not that much.
They have plenty of retirement savings and could easily invest that money in stocks or other investments that they might have in the future.
The downside, according Haney is that it will slow down investment and income growth.
The Tax Policy Act is a big step toward getting the middle of the income distribution back to full employment.
This could mean that the middle, the lower-middle, and the middle-to-upper income classes are getting some of their tax cuts.
But it also means that the tax cuts are mostly for the rich.
And it also has the effect of making it harder for the wealthy to save for retirement.
“If you look at the middle and lower-income groups, it means the rich are getting a bigger tax cut than ever before, but they’re not saving that money for retirement,” said Richard Murphy, a longtime tax adviser and a professor at the University of Southern California.
“The middle income group is going to see their marginal tax rate go up the most, and that’s going to slow down their growth.
So it’s going into the middle quintile.”
The middle quintiles are those making between $40,000 and $100 and between $75,000 to $200 and between 1,000 percent and $20,000 in income.
The top 1%.
and the top quintiles, as well as the top deciles, have seen the biggest tax cuts, according both the Tax Institute and the Pew Center.
The bottom quintile, as measured