GOP plan will ultimately raise taxes on 50% of Americans, nonpartisan assessment says
GOP plan will ultimately raise taxes on 50% of Americans, nonpartisan assessment says
Updated 10:54 AM ET Tue, 21 Nov 2017 The Associated Press
"We're going to give the American people a huge tax cut for Christmas," President Donald Trump said Monday, speaking before a cabinet meeting
But a nonpartisan tax analysis group said the Senate package would leave half of taxpayers facing higher levies by 2027
President Donald Trump on Monday promised a tax overhaul by Christmas, even as a nonpartisan tax analysis group said the Senate package would leave half of taxpayers facing higher levies by 2027.
Speaking before a Cabinet meeting, Trump said, "We're going to give the American people a huge tax cut for Christmas — hopefully that will be a great, big, beautiful Christmas present."
Trump spoke as the Tax Policy Center said that while all income groups would see tax reductions, on average, under the Senate bill in 2019, 9 percent of taxpayers would pay higher taxes that year than under current law. By 2027, that proportion would grow to 50 percent, largely because the legislation's personal tax cuts expire in 2026, which Republicans did to curb budget deficits the bill would create.
https://www.cnbc.com/amp/2017/11/20/senate-gop-tax-plan-to-ultimately-raise-taxes-for-half-of-us-tax-policy-center.html
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