House Republicans' tax bill would increase taxes for 12 percent of Americans next year
House Republicans' tax bill would increase taxes for 12 percent of Americans next year, according to a new report from the nonpartisan Tax Policy Center. By 2027, at least 28 percent of Americans would see their taxes rise, the report says. Many of those taking a hit would be people who make less than $48,000 a year.
The vast majority of Americans would get a tax cut if the bill becomes law, TPC found, but the rich would benefit the most. The finding comes amid intense debate over whether this bill does enough to help the middle and working classes, a key promise of President Trump.
The middle of the middle — those making $48,000 to $86,000 — would get an average tax cut of $700 next year, according to TPC. Meanwhile, taxpayers in the top 1 percent (those making more than $730,000) would receive an average cut of $37,000 next year, and the top 0.01 percent (those making more than $3.4 million) would see their after-tax incomes rise by an average of $179,000 in 2018.
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Ryan often says that a middle income family of four making $59,000 a year would pay $1,182 less in taxes next year, but that amount decrease over time and would be a tax hike for the family by 2024, according to New York University tax professor David Kamin. A key new benefit aimed at helping the middle class -- the Family Flexibility Credit -- goes away after 2022 in the GOP bill. The credit is worth $300 per person or $600 per couple, making it an important tax deduction for the working and middle classes.
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