Analysis Indicates GOP Tax Measure a Mixed Bag
A nonpartisan tax analysis group says the proposed House Republican tax cut would leave 28 percent of people facing tax increases by 2027. The Tax Policy Center also says that in 2018, when the measure would first take effect, 12 percent of people would see higher taxes.
The group says that next year, there would be an average tax cut of $1,100 under the legislation. But the amount would vary by income.
People earning less than $48,000 annually would see tax cuts of 0.5 percent or less of their after-tax income. The top 1 percent of earners – people making over $730,000 – would get an average cut of 2.5 percent, or $37,000.
In 2027 the average overall reduction would drop to $700 after some of the cuts expire.
