Despite the repeated promises from Donald Trump and Republicans in Congress that their tax proposal would shower the middle-class with “beautiful” tax cuts, a new analysis finds that by 2027, just 16 percent of households would actually see a decrease in their tax bill.
According to The Hill, citing an analysis from the Joint Committee on Taxation (JCT), just 60 percent of households would see a cut of at least $100 in the plan’s first year of implementation – but those cuts would quickly evaporate by 2027.
Ultimately, the analysis found, most Americans would either see no changes at all or be sacked with a tax hike.
More from the report:
In 2019, JCT found, about 62 percent of tax returns would show a decrease in taxes of at least $100, while about 8 percent would show an increase of at least $100. About 30 percent would see their taxes stay about the same.
In 2027, after the tax cuts for individuals expire, about 61 percent of households would see little change in their taxes, and only about 16 percent would see tax cuts of at least $100.
Of the cuts that do remain once the individual ones expire, the analysis unsurprisingly found that the wealthiest Americans would benefit most.
“Those in the higher income groups would be most likely to see tax cuts, with 57 percent of households making more than $1 million seeing a decrease of more than $500,” the reported noted.
The analysis is based on the version of the GOP tax reform plan that recently passed the Senate Finance Committee, so it’ll likely be changed. But, overall, the central core of the GOP tax effort is to give massive cuts to the wealthiest Americans, which the middle and lower-class will either pay for immediately or ten years down the road.
Republicans can and will continue to lie about this plan in order to ram it through Congress, but Americans will ultimately realize that they’ve been sold a bill of goods, and the GOP will pay the price.
Sean Colarossi currently resides in Cleveland, Ohio. He earned his Bachelor of Arts degree in Journalism from the University of Massachusetts Amherst and was an organizing fellow for both of President Obama’s presidential campaigns. He also worked with Planned Parenthood as an Affordable Care Act Outreach Organizer in 2014, helping northeast Ohio residents obtain health insurance coverage.