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Middle class biggest winners in Senate tax plan, study says

by Brian Faler | Nov 13, 2017   ()

The Senate's plan to rewrite the tax code would go much further than a competing House proposal toward making good on Republican promises to focus on the middle class, a new report shows.

Moderate-income people would consistently see the largest percentage declines in their tax bills, according to an analysis released late Saturday by the official, nonpartisan Joint Committee on Taxation.

 

In 2019, people in the middle of the income spectrum, earning between $50,000 and $70,000, would see their taxes fall by 7.1 percent. Those earning between $20,000 and $30,000 would see a 10.4 percent decline, the report shows, while millionaires would get a 5.3 percent tax cut.

Unlike with the House plan, that trend holds up throughout the period over which JCT analyzed the Senate proposal. In 2027, for example, millionaires would get a 2.8 percent tax cut from the Senate plan, compared with a 6.1 percent decline for people in the middle and a 10.3 percent reduction for those earning between $20,000 and $30,000.

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Source: Politico
Source: Politico

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