November 8, 2017

New York Times: Want Kids, a Degree or a Home? The Tax Bill Would Cost You

media mention

That is why taxes would go up for about 45 percent of middle-class taxpayers by 2026 under the House bill, according to an analysis by The Times. By contrast, the people in the top 1 percent of income will get an average tax cut of $64,720 a year by 2027, according to the Institute on Taxation and Economic Policy. Even the congressional Joint Committee on Taxation concludes that the tax cuts are heavily tilted toward the rich. Yet, the Republicans may take the knife to even more middle class benefits, because the Congressional Budget Office said on Wednesday that the bill would overshoot the $1.5 trillion target by nearly $200 billion. Read more