Denver Magazine: How the House and Senate Tax Plans Would Affect Coloradans

To pay for its extensive perks for the wealthy, the House bill adds $1.5 trillion to the national deficit over 10 years, according to the Institute on Taxation and Economic Policy (ITEP). It also cuts or caps popular middle-class tax deductions for homeowners, families, and students, and intentionally excludes millions of low-income children from modest tax credits.

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In the House bill, Republicans create a two-part plan that cloaks how much it helps the wealthiest one percent. Over the next 10 years, many tax cuts that help the middle class in 2018 will phase out, while the perks for the very rich become more generous, reports the ITEP. The Senate bill uses similar tactics.

In Colorado, about 31 percent of the House bill’s tax cuts go to the richest one percent in 2018, and 9 percent go to middle income earners, according to ITEP’s state-by-state analysis. That’s a 3 to 1 ratio between the share of tax cuts awarded to the very rich and those given to middle earners. Read more

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