November 6, 2017

New Estimate Confirms That Republican Tax Plan Favors the Very, Very Rich

Here’s another estimate of who gets what from the Republican tax plan. This one is from the Institute on Taxation and Public Policy:

This is fairly close to the estimate from the Joint Committee on Taxation with the exception of the far-right bar in 2027. ITEP estimates that millionaires will retain a pretty fat 2.5 percent tax cut by then. JCT estimates it would be about half that.

ITEP also provides an estimate of the number of households that would see a tax increase under the Republican plan:

By 2027, ITEP figures that over a quarter of middle-class taxpayers will see their taxes increase under the Republican plan. This number is considerably higher in blue states like California and New York, and considerably lower in red states like Florida and Texas. It’s all part of this bill’s targeted punishment of taxpayers in states that don’t support Republicans.

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