How the GOP's tax plan would affect your bottom line

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3. Here is a quote:

Will taxes on the middle class go up?

During an interview with ABC News chief anchor George Stephanopoulos on "Good Morning America" today, the president's chief economic adviser Gary Cohn said that the tax plan "is purely aimed at middle-class families."

While he gave one example of how a family of four earning $55,000 "can expect something in the neighborhood of 650 to 1,000 tax decrease," he noted that "every tax situation is different."

I did the calculation under current law for $55K, and it came out to be a $1,464 tax burden assuming standard deduction, and the child tax credit.

Take the average of the two numbers, then the new tax would be $639.

You can get that by playing with two levers. Let's assume the child tax credit increases to $2,500.

12% rate is 0 to $16,238
25% rate is above $16,238

$55,000-$24,000=$31,000 taxed ($1949+3690)-$5,000=$639

At $2,000 the cut for the 12% rate is $7,069.