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Report: GOP Tax Bill Would Cut Taxes for 60 Percent of Americans

Image: Report: GOP Tax Bill Would Cut Taxes for 60 Percent of Americans
Chief of staff for the Joint Committee on Taxation Thomas Barthold (J. Scott Applewhite/AP)

Wednesday, 29 Nov 2017 09:53 PM

Most Americans would see a tax cut of at least $100 in the first year of the GOP tax proposal in its current form, according to The Hill.

The figure comes from an analysis by the Joint Committee on Taxation (JCT).

According to the JCT, 62 percent of taxpayers would pay at least $100 less in 2019. About 8 percent would see their payment go up at least $100, and 30 percent would pay about the same.

Those with higher incomes were most likely to see bigger increases and decreases. The study said 80 percent of filers making more than $1 million a year would pay more than $500 less, and 19 percent would see their taxes rise by more than $500.

Though corporate tax rates are permanent under the bill, tax cuts for individuals expire in 2027. At that point 61 percent of taxpayers would pay the same, while 16 percent would see cuts of at least $100.

In 2027, 57 percent of households with incomes above $1 million would see a decrease of at least $500 and 36 percent would see decreases of at least $500.

The analysis is based on the version of the bill that passed the Senate Finance Committee this week and which was put to debate Wednesday night.

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Most Americans would see a tax cut of at least $100 in the first year of the GOP tax proposal in its current form, according to The Hill.
americans, gop, tax cuts, corporate tax rate
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2017-53-29
Wednesday, 29 Nov 2017 09:53 PM
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