- A new report from the Tax Policy Center showed that, on average, Americans at every income level will receive a tax cut from the GOP tax bill.
- The benefits will also be tilted towards the rich, according to the TPC analysis.
- Additionally, by 2025, 10.9% of middle-income tax filers could see an increase in their tax bill.
A new analysis of the GOP tax bill, released just 24 hours before a final vote is expected to take place on the bill in the House, showed that majority of the benefit from the plan would go to the wealthiest Americans.
The report from the nonpartisan Tax Policy Center (TPC) found that while Americans at all income levels would, on average, get a tax cut form the final version of the tax bill, the benefit would be skewed towards people at the upper range of income earners.
"In general, higher income households receive larger average tax cuts as a percent age of after-tax income, with the largest cuts as a share of income going to taxpayers in the 95th to 99th percentiles of the income distribution," TPC's report said.
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The largest change would come at the end of the 10-year budget window for the bill, but most of the effects would be due to the expiration of individual tax brakes after 2025. Republican leaders have been confident that those tax breaks will be extended, but it is not guaranteed.
Here's a rundown of the benefits for different income groups in different years under the final version of the TCJA:
- 2018:
- 2025:
- 2027:
The House is scheduled to vote on the TCJA on Tuesday and the Senate will take up the bill immediately after, meaning President Donald Trump could sign the measure into law as early as Wednesday.