UPDATED Taxes would rise for many in working class and fall for richest Americans under House...
Source: The Washington Post
Taxes would rise for many in working class and fall for richest Americans under House GOP tax plan, analysis shows
By Washington Post Staff November 6 at 3:49 PM
House Republicans bill would increase taxes for 12 percent of Americans next year, according to a new report from the nonpartisan Tax Policy Center. By 2027, 28 percent of Americans would see their taxes rise, the report says.
Most Americans earning between $49,000 and $86,000 would get a tax cut next year, but the biggest benefits would go to the very rich, the report said.
This is a developing story. It will be updated.
Read more: https://www.washingtonpost.com/news/business/wp/2017/11/06/taxes-would-rise-for-many-in-working-class-and-fall-for-richest-americans-under-house-gop-tax-plan-analysis-shows
UPDATE:
In GOP plan, taxes go down for most Americans, but wealthy get the biggest cut
By Heather Long November 6 at 3:58 PM
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 $3.44 million) would see their after-tax incomes rise by an average of $179,000 in 2018.
“The largest cuts in terms of dollars and as a percentage of after-tax income would accrue to the higher-income households,” TPC wrote.
https://www.washingtonpost.com/news/wonk/wp/2017/11/06/in-gop-plan-taxes-go-down-for-most-americans-but-wealthy-get-the-biggest-cut
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