A new report from the Urban Institute finds that tax cuts for the top 1 percent will benefit the poorest rural Americans by nearly $1,600 per person per year.
But it also shows that the wealthy will benefit even more than the middle class, by increasing their tax bill by more than $3,600.
The report also finds that the wealthiest households will have a larger share of their tax bills paid for by the wealthiest individuals.
The top 1% will pay about $9,000 more per year in taxes than the bottom 50% of households.
And the wealthiest Americans will see their tax rates increase, by a combined $6,200.
In short, it’s an economic disaster for rural America.
In other words, rural America doesn’t have the money or the means to make up the difference.
The report also found that while some rural areas are doing better than others, many are still in dire straits.
The average income of the poorest 1% of Americans is $8,500.
That’s down from $9.40 in the 1950s.
And only 2.2 percent of all Americans live in rural areas.
But even with these statistics, rural areas may not be immune to the economic challenges of Trump’s proposed tax cut.
While some of the largest cities like New York and San Francisco, as well as the Midwest, have seen the biggest increases in poverty rates and unemployment, other areas are seeing their poverty rates decline, and unemployment rates remain high.
The poverty rate in Michigan’s rural counties is about 16.1 percent, which is the same as it was in 2016.
In a press release, Urban Institute Director Kevin Hassett noted that these results reflect a broader trend of poverty that has been happening in rural America for decades.
It’s also an important reminder that economic recovery can happen at any income level, regardless of the type of economic activity a person engages in.
The Institute’s report is based on the most recent census data, which includes data from 2020, the latest available year for which full data are available.
For those of you who want to dig deeper into the numbers, here’s a chart that explains how rural poverty is calculated:While the numbers are grim, the authors of the report also note that the economic gains from the Trump tax cuts will be even more profound.
The richest 1 percent of households will now pay nearly $3.8 trillion in taxes over a decade.
That is more than a fifth of the tax revenue that the poorest half of the country will see.
And it’s almost half of what the richest one-third of Americans will save over a century.
In other words: the economic effects of the proposed Trump tax cut will dwarf the economic benefits of the benefits that rural America would receive from it.
The Trump administration has already announced that the new tax cut would boost the bottom fifth of Americans’ tax bills by more $3 trillion over a ten-year period.
It also plans to slash the number of tax brackets for the wealthy by $2 trillion over the next decade.
This is a significant shift in tax policy, and it could mean that the poor and middle class in rural communities will be left worse off.
Hassett says the economic impact of the proposal to raise taxes on the wealthy and cut tax rates for everyone else will be devastating for rural communities.
