Tags: Trump Administration | Trump Tax Reform | gop | joint committee on taxation | tax cut | middle class

Congressional Analysis: Middle Class Would Get $150B Tax Cut

Congressional Analysis: Middle Class Would Get $150B Tax Cut
President Donald Trump (Pablo Martinez Monsivais/AP)

By    |   Monday, 18 December 2017 10:47 PM

Roughly 10 percent of the massive tax cut that would hit the economy if Congress passes tax reform this week would go to the middle class, according to a new analysis.

The Wall Street Journal cited an analysis released by the Congressional Joint Committee on Taxation that claimed the following:

  • Households earning between $20,000 and $100,000 annually will receive $144 billion in tax cuts, roughly 10 percent of the $1.5 trillion tax cut. About half of taxpayers are in this income range.
  • Households earning $500,000 or more will get 12 percent of the tax cut, which amounts to $171 billion. Six percent of taxpaying households are in this income category.
  • In total, households will see a tax cut of $768 billion under the tax plan.

The House might vote on the bill Tuesday, and the Senate will likely follow either Tuesday or Wednesday. The chances of it passing rose late Monday when Sen. Bob Corker, R-Tenn., said he would vote in favor of it.

President Donald Trump would likely sign the bill into law before the end of the week if it makes it out of the Capitol.

The Congressional Joint Committee on Taxation is a nonpartisan committee first established via the Revenue Act of 1926.

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The middle class will be getting a $150 billion tax cut under the Republican's Tax Cuts and Jobs Act, roughly 10 percent of the total $1.5 trillion tax relief package, according to the Joint Committee on Taxation.
gop, joint committee on taxation, tax cut, middle class
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Monday, 18 December 2017 10:47 PM
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