Following is an excerpt from an op-ed by ITEP Executive Director Alan Essig:
The Institute on Taxation and Economic Policy (ITEP) analyzed the final House and Senate bill. Households in the top 5 percent will receive more than half of the tax cuts in 2019, and families in the richest 1 percent will reap a tax-cut windfall averaging more than $55,000.
Meanwhile, families in the middle-income quintile will receive an average tax cut of about $800 ($15 a week) in 2019. But by 2027, that cut would shrink to an annual average of $70, and one in three taxpayers in that income group would face a tax hike because tax cuts for individuals expire after 2025.
Tax cuts for corporations, however, will remain in place. Read more