New York Times: Republican Tax Rewrite Helps Some Millionaires but Hurts Other

The independent Institute on Taxation and Economic Policy said on Monday that the top 1 percent of income earners, those who make just under $500,000 a year or more, would receive nearly half of the bill’s tax benefits a decade from now. That group of taxpayers would consistently see income gains from the bill, and those gains would grow from 2.4 percent in 2018 to 2.5 percent in 2027, the institute said. Every other income group would see its percentage gains dwindle over time as a result of changes the bill makes to inflation calculations for certain tax benefits, and the fact that a middle-class tax credit it creates would expire after five years. Read on more