How the Party of Lincoln Evolved to the Party of Trump (Part II: The Bushes & Clinton)

Image of Lincoln by Alexander Gardner, Courtesy U.S. Library of Congress (2013649738); Donald Trump portrait for Esquire, 2015. Photograph: Nigel Parry / CPi Syndication
  • A multitude of tax cuts overwhelmingly benefited the wealthiest Americans. These cuts included lower tax rates on capital gains and dividends, elimination of both the personal exemption phase-out and the limitation on itemized deductions, lower marginal rates for the top two tax brackets, and lower estate tax rates and an increase in the estate tax exemption.
  • In 2007 (the date for which the latest data is available) the top 1% of earners (making over $382,000) took home 19% of pre-tax national income, while the bottom 90% (making under $112,000) took home just 58%.
  • In 2010, tax filers in the bottom 20% of the income distribution (tax filers making less than $20,000) received only a 1% share of the tax cuts, and 75% of these low-income families saw no reduction at all.
  • The middle 20% — tax filers making between $40,000 and $70,000 a year — received only 11% of the tax cuts.

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