Senate tax bill would cut taxes of wealthy and increase taxes on families earning less than $75,000 by 2027

The following article by Heather Long was posted on the Washington Post website November 16, 2017:

Senate Majority Leader Mitch McConnell (R-Ky) said Nov. 14 that he was “optimistic” about adding the individual mandate repeal to the tax bill. (The Washington Post)

The tax bill Senate Republicans are championing would give large tax cuts to millionaires while raising taxes on American families earning $10,000 to $75,000 over the next decade, according to a report released Thursday by the Joint Committee on Taxation, Congress’s official nonpartisan analysts.

President Trump and Republican lawmakers have been heralding their bill as a win for hard-working Americans, but the JCT report casts doubt on that claim. Tax increases for households earning $10,000 to $30,000 would start in 2021 and grow sharply from there. By 2027, most Americans earning $75,000 a year or less would be forced to pay more in taxes, while people earning more than $100,000 a year would continue to get substantial tax cuts. Continue reading “Senate tax bill would cut taxes of wealthy and increase taxes on families earning less than $75,000 by 2027”