Report shows GOP tax plan would help the rich as party struggles for unity
By Carolyn Y. Johnson and Mike DeBonis September 29 at 7:28 PM
The Republican tax plan would deliver major gains for the richest 1 percent of Americans and uneven benefits for the middle class, an analysis by a leading group of nonpartisan experts found Friday, creating a fresh hurdle for Congress as it pivots toward writing legislation overhauling the tax code.
The analysis by the Urban-Brookings Tax Policy Center found that most of the cuts would benefit people making more than $730,000, with average tax savings of $129,000 once the plan goes into effect. Over time the benefits to the wealthy would grow, with 80 percent of the cuts in 2027 going to households making more than $900,000, with their taxes dropping by more than $200,000 on average.
Most other households would see more-modest gains — challenging President Trump’s repeated assurances that the plan will benefit the middle class, not the rich, and complicating Republicans’ legislative agenda.
[Wonkblog: The GOP tax plan, explained in simplest possible terms]
Next year, a household earning between about $48,000 and $86,000 would save $660 on its taxes. But roughly 1 in 7 households in this group could end up paying more in taxes next year — a proportion that would nearly double over the next decade. Among households earning between $150,000 and $217,000, a third would start paying more as soon as the plan went into effect.
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https://www.washingtonpost.com/business/economy/report-shows-gop-tax-plan-would-help-the-rich-as-party-struggles-for-unity/2017/09/29/4d1113b8-a547-11e7-b14f-f41773cd5a14_story.html
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