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Joint Committee on Taxation Finds Some Tax Hikes in GOP Bill

Image: Joint Committee on Taxation Finds Some Tax Hikes in GOP Bill
Sen. Joe Manchin, D-W.Va. (Alex Brandon/AP)

Tuesday, 07 Nov 2017 04:10 PM

A new analysis of the GOP's tax plan shows some middle-income earners would see tax increases — an explosive prospect given Republicans' vows to give relief to the middle class, Politico reported.

The Joint Committee on Taxation's analysis finds 61 percent of taxpayers will see their taxes fall in the next two years, Politico reported. By 2027, 20 percent would pay higher taxes, 46 percent would get a tax cut, and 34 percent would see only minimal changes, with breaks of less than $100.

House tax writers estimate the average family would receive a $1,182 tax cut. The joint committee said 8 percent of taxpayers would pay more in 2019 under the plan.

According to Politico, though the GOP plan is a net $1.5 trillion tax cut, it simultaneously both raises and lowers taxes, offering this example:

By 2027, about 23 percent of those earning between $50,000 and $75,000 would see a tax increase, and 42 percent of people in that bracket would see a tax cut of at least $500 — while among those earning more than $1 million, two-thirds would see a tax cut of more than $500, while one third would see a tax increase of at least $500.

"The bottom line is the president told me specifically that this is not a tax cut for the rich — it's a tax cut for the hard-working middle class, so I'm looking at everything we're seeing," Sen. Joe Manchin, D-W.Va., told Politico.

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Some middle-income earners would see tax increases in GOP's tax plan, according to the Joint Committee on Taxation.
joint committee on taxation, gop, tax plan, middle class
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2017-10-07
Tuesday, 07 Nov 2017 04:10 PM
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