Senate Republican Tax Plan Would on Average *Raise* Taxes on All Income Groups Earning Less Than $75K
By Robert Wenzel
Congress’s Joint Committee on Taxation says the Senate version of the Tax Cuts and Jobs Act would raise taxes on most low and middle-income taxpayers.
Households earning between $75,000 and $100,000 will see, on average, no tax cut. And households earning less than $75,000 per year will see, on average, a tax increase.
Lily Batchelder, a tax professor at NYU who used to be the chief tax counsel for the Senate Finance Committee, has the chart:
Per the JCT’s tables, about 65 percent of households fall into the categories that are expecting tax increases.
Reprinted with author's permission from EconomicPolicyJournal.com