Psst...GOP, we're sensing a trend here...
Today, the non-partisan Tax Policy Center released their analysis of the GOP tax bill showing 38 million middle-class taxpayers would see a tax increase while the majority of tax cuts benefit the wealthy. As you can imagine, the headlines aren’t pretty:
Business Insider: A new analysis finds the GOP tax bill would be terrible for many Americans
CNBC: A quarter of all taxpayers would pay more in 10 years under GOP tax plan: Revised report
Vox: The numbers are in, and the House Republican tax bill raises taxes on over a quarter of Americans
Huffington Post: Republicans Are So Tired Of Tax Experts Rudely Saying Their Plan Helps The Rich
Bloomberg: Tax Bill Offers Uneven Benefits and Hikes for Some, Analysts Say
The Hill: 25 percent would see higher tax rates in 2027 under GOP plan: analysis
Business Insider: A new analysis finds the GOP tax bill would be terrible for many Americans
“The House GOP bill to overhaul the federal tax code would result in a higher tax burden for many and skew its benefits toward wealthier Americans, according to an analysis of the legislation released Wednesday.”
“The analysis from the Urban Institute and Brookings Institution's Tax Policy Center found that the Tax Cuts and Jobs Act (TCJA) would result in higher taxesfor around 7% of Americans in 2018 and 25% of people in 2027. ”
“The increase for one-fourth of Americans would come in 2027 because certain tax credits that benefit individuals would sunset then, according to the analysis. The Tax Policy Center found that much of the TCJA's benefits would go toward wealthier Americans. ”
“The analysis from the Urban Institute and Brookings Institution's Tax Policy Center found that the Tax Cuts and Jobs Act (TCJA) would result in higher taxesfor around 7% of Americans in 2018 and 25% of people in 2027. ”
“The increase for one-fourth of Americans would come in 2027 because certain tax credits that benefit individuals would sunset then, according to the analysis. The Tax Policy Center found that much of the TCJA's benefits would go toward wealthier Americans. ”
CNBC: A quarter of all taxpayers would pay more in 10 years under GOP tax plan: Revised report
“…Within the overall tax cuts, the wealthiest 1 percent of taxpayers would benefit far more than the rest of the country. The analysis undermined Republican claims that the bill introduced last week would primarily benefit the middle class over the wealthy. ”
“Some taxpayers… would pay more under the plan, a fact that has dogged Trump administration officials since they began the push for tax reform earlier this year. The revised TPC analysis found that 7 percent of taxpayers would owe more in taxes next year under the GOP plan. ”
“By 2027, the number of taxpayers who would pay more jumps to 25 percent, a quarter of all households. This is due to a combination of factors, including the expiration of a proposed $300 family credit and the way certain credits are indexed for inflation. ”
“The Tax Cuts and Jobs Act suffered a setback on Wednesday, when the Congressional Budget Office estimated that amendments made to the bill in recent days — aimed at winning the support of key voting blocs — would raise the total cost of the legislation by hundreds of billions of dollars and set it on a collision course with the Senate's version of the bill, which is currently being negotiated.”
“Some taxpayers… would pay more under the plan, a fact that has dogged Trump administration officials since they began the push for tax reform earlier this year. The revised TPC analysis found that 7 percent of taxpayers would owe more in taxes next year under the GOP plan. ”
“By 2027, the number of taxpayers who would pay more jumps to 25 percent, a quarter of all households. This is due to a combination of factors, including the expiration of a proposed $300 family credit and the way certain credits are indexed for inflation. ”
“The Tax Cuts and Jobs Act suffered a setback on Wednesday, when the Congressional Budget Office estimated that amendments made to the bill in recent days — aimed at winning the support of key voting blocs — would raise the total cost of the legislation by hundreds of billions of dollars and set it on a collision course with the Senate's version of the bill, which is currently being negotiated.”
Vox: The numbers are in, and the House Republican tax bill raises taxes on over a quarter of Americans
“The House Republican tax bill would cause slightly more than 25 percent of taxpayers to pay more by 2027, according to a new analysis by the widely respected, nonpartisan Tax Policy Center.”
“… About 56.6 percent of the cuts would go to the richest fifth of taxpayers, with nearly 21 percent going to the top 1 percent — less regressive than some past GOP plans, but still a noticeable upward tilt.”
“The poorest families, earning less than $10,000 a year, would see a minuscule tax cut of only $10 on average. The richest, earning $1 million or more, would get $57,400 on average.”
“In 2027, the poorest 40 percent of the country would see a tax increase on average. In total, slightly more than 25 percent of households would pay more in 2027 under the plan than they’re currently set to pay. That includes nearly half of households making between $225,400 and $304,600, the 90th to 95th percentiles.”
“The TPC’s reports have usually found that Republican tax proposals disproportionately help the rich. They reach this conclusion because these proposals do, in fact, disproportionately help the rich…”
“Indeed, the JCT calculations imply an even larger tax cut for the wealthiest by 2027.”
“… About 56.6 percent of the cuts would go to the richest fifth of taxpayers, with nearly 21 percent going to the top 1 percent — less regressive than some past GOP plans, but still a noticeable upward tilt.”
“The poorest families, earning less than $10,000 a year, would see a minuscule tax cut of only $10 on average. The richest, earning $1 million or more, would get $57,400 on average.”
“In 2027, the poorest 40 percent of the country would see a tax increase on average. In total, slightly more than 25 percent of households would pay more in 2027 under the plan than they’re currently set to pay. That includes nearly half of households making between $225,400 and $304,600, the 90th to 95th percentiles.”
“The TPC’s reports have usually found that Republican tax proposals disproportionately help the rich. They reach this conclusion because these proposals do, in fact, disproportionately help the rich…”
“Indeed, the JCT calculations imply an even larger tax cut for the wealthiest by 2027.”
“Both analyses arrive at the same conclusion: The tax bill’s combination of tax cuts for corporations and high-income individuals and targeted increases for other individuals lead to a bill that’s regressive overall.”
Huffington Post: Republicans Are So Tired Of Tax Experts Rudely Saying Their Plan Helps The Rich
“Over 47 percent of the tax changes in the legislation would benefit the richest 1 percent of households over 10 years, a report released Wednesday by the Tax Policy Center said.”
“Wednesday’s report closely resembles an analysis TPC issued on Monday....”
“Wednesday’s report closely resembles an analysis TPC issued on Monday....”
Bloomberg: Tax Bill Offers Uneven Benefits and Hikes for Some, Analysts Say
“President Donald Trump’s promised tax cut for the middle class comes with some extra baggage in the bill House Republicans are considering: a much larger tax cut for the top 1 percent.”
The Hill: 25 percent would see higher tax rates in 2027 under GOP plan: analysis
“An updated report from the Tax Policy Center finds that at least a quarter of taxpayers would see their taxes go up within a decade under the Republican plan to overhaul the tax code.”
“The report also found that the wealthy would disproportionately benefit from the plan.”
"‘Taxpayers in the top 1 percent (those with income more than $730,000) would receive nearly 21 percent of the total tax cut, an average cut of about $37,000 or 2.5 percent of after-tax income,’ the report found.”
“The report also found that the wealthy would disproportionately benefit from the plan.”
"‘Taxpayers in the top 1 percent (those with income more than $730,000) would receive nearly 21 percent of the total tax cut, an average cut of about $37,000 or 2.5 percent of after-tax income,’ the report found.”