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08Nov

House Moves Ahead With Tax Bill as Pushback Mounts

Published: November 7, 2017

WASHINGTON — An analysis of the Republican tax bill released Tuesday predicted that tax cuts for lower- and middle-income taxpayers would fade over the course of a decade, more so than they would for high earners.

The analysis by Congress’s Joint Committee on Taxation found that about 80 percent of tax filers earning from $50,000 to $75,000 would receive a tax cut from the bill in 2019. By 2027, just 60 percent of taxpayers in that same income group would see a tax cut. Of those earning more than $1 million, three-quarters would see a tax cut in 2019, and by 2027, two-thirds of millionaires would continue to see a tax cut.

A second analysis from the committee, released Tuesday evening, found that recent changes to the bill have appeared to have pushed the bill over the $1.5 trillion that Republicans have set as a cap for the bill’s cost.

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