GOP tax plan would provide major gains for richest 1%, uneven benefits for the middle class, report
The Republican tax plan would deliver a major benefit to the top 1 percent of Americans, according to a new analysis by a leading group of nonpartisan tax experts that challenges the White House's portrayal of its effects.
The plan would deliver far more modest tax cuts to most other households — an average cut of $1,700 for households in 2027, according to the report. But the results would be unevenly spread, with 1 in 4 households paying more in taxes.
Despite repeated promises from Republican lawmakers that the plan is designed to provide relief to the middle class, nearly 30 percent of taxpayers with incomes between $50,000 and $150,000 would see a tax increase, according to the study by the Urban-Brookings Tax Policy Center. The majority of households that made between $150,000 and $300,000 would see a tax increase.
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Meanwhile, 80 percent of the tax benefits would accrue to those in the top 1 percent. Households making more than about $900,000 a year would see their taxes drop by more than $200,000 on average.
https://www.msn.com/en-us/news/politics/gop-tax-plan-would-provide-major-gains-for-richest-1percent-uneven-benefits-for-the-middle-class-report-says/ar-AAsCKKG?li=BBnb7Kz&ocid=edgsp
