HOUSE OF REPS/TAXES: “More than 60% of taxpayers, including much of the middle class, would see lower taxes in 2019 under the House Republican tax plan while 8% would pay more, according to a new analysis released Tuesday [11-7-17].
But by 2027, many of those effects would peter out and nearly one in five households would pay more in taxes than if Congress had done nothing. By that point, fewer than half of households would have tax cuts exceeding $100, the study found.
The analysis was done by the nonpartisan Joint Committee on Taxation, the official estimator of tax legislation in Congress.
In 2019, among households making between $50,000 and $75,000, 65% would get tax cuts exceeding $500. In that same group, 6% would see taxes rise by at least $500.
Republicans are using the nonpartisan analyses to show that people at all income levels would benefit from the plan…
But Democrats are using the same numbers to point out that some lower-income people would see their taxes rise and the money would in effect fund tax cuts for high-income households.”
-Richard Rubin, “Majority Would Benefit From Tax Bill, but Effects Peter Out, Study Says,” The Wall Street Journal online, Nov. 7, 2017 12:11pm