UPDATED: GOP tax plan would provide major gains for richest 1 percent and uneven benefits...
Source: The Washington Post
GOP tax plan would provide major gains for richest 1 percent and uneven benefits for the middle class, report says
By Washington Post Staff September 29 at 2:03 PM
The analysis by the Tax Policy Center, a leading group of nonpartisan tax analysts, challenges President Trumps promise about the effects of the plan.
The top 1 percent would see their taxes drop by more than $200,000 on average, the analysis found.
But nearly 30 percent of taxpayers with incomes between $50,000 and $150,000 would see a tax increase within a decade despite Republican promises that the plan is designed to provide relief to middle-class Americans, according to the study.
The majority of those making between $150,000 and $300,000 would also be hit with higher taxes.
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Read more: https://www.washingtonpost.com/news/business/wp/2017/09/29/gop-tax-plan-would-provide-major-gains-for-richest-1-percent-and-uneven-benefits-for-the-middle-class-report-says
UPDATE:
GOP tax plan would provide major gains for richest 1 percent and uneven benefits for the middle class, report says
By Carolyn Y. Johnson September 29 at 2:04 PM
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 delivers far more modest tax cuts to most other households -- an average cut of $1,700 to households in 2027. But the results would be unevenly spread, with one in four 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.
Those trends were credited to the loss of itemized deductions, particularly the ability to deduct state and local property tax deductions from income. The loss of the personal exemption, which currently shields $4,050 of income from federal taxes for every household member, also played a major role in increasing taxes for some households -- an effect that would get worse over time, because the amount of the personal exemption kept pace with inflation.
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.
more
https://www.washingtonpost.com/news/wonk/wp/2017/09/29/gop-tax-plan-would-provide-major-gains-for-richest-1-percent-and-uneven-benefits-for-the-middle-class-report-says
= new reply since forum marked as read
OR... they have to cut government spending... social security, medicare, ACA, EPA, NASA, DOE, etc.
but not the military, of course. 
