Tags: Trump Tax Reform | low income | tax plan | senate | jct

JCT: Low Incomes Get Walloped by Tax Increases by 2027 in Senate Plan

JCT: Low Incomes Get Walloped by Tax Increases by 2027 in Senate Plan
(DPC)

By    |   Thursday, 16 November 2017 12:18 PM

Low income families would get hit with tax increases by 2021, and by 2027 would face — along with the middle class — a huge uptick in taxes, according to analysis of Senate Republicans' tax plan released Thursday by the Joint Committee on Taxation (JCT).

The JCT is Congress' non-partisan analysts.

Meanwhile, Americans making more than six figures — especially millionaires — enjoy large tax cuts all the way through, according to the JCT.

Every income group enjoys a tax cut in 2019, but by 2021, Americans making $30,000 or less annually see their federal taxes go up, culminating with huge increases in 2027, JCT shows.

Americans making $30,000 to $75,000 annually enjoy cuts until 2027 when sharp increases kick in, according to the JCT.

Americans making more than $100,000 annually, however, enjoy tax cuts over the next decade, though their cuts drop precipitously by 2027, according to the JCT.

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Low income families would get hit with tax increases by 2021, and by 2027 would face - along with the middle class - a huge uptick in taxes, according to analysis of Senate Republicans' tax plan released Thursday by the Joint Committee on Taxation (JCT).
low income, tax plan, senate, jct
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2017-18-16
Thursday, 16 November 2017 12:18 PM
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