20% of U.S. taxpayers could pay more under Trump tax reform
Washington (CNN,July 13,2017): About 20% of taxpayers could pay higher taxes under the Trump administration’s tax reform plans, according to an analysis released Wednesday by the Tax Policy Center.
The analysis acknowledges there’s a lot that isn’t known about the administration’s tax proposal. That’s because the White House has only released a short summary of its plans, rather than proposed legislation which would include details.
Overall, 71% of taxpayers would have a lower tax bill, according to the analysis from the nonpartisan think tank. However, some taxpayers in every income level would end up paying higher taxes.
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Specifically, a large number of middle class and upper-middle class tax payers would see a tax hike due to the loss of deductions and the elimination of both personal and dependent exemptions.
Both the very rich and the very poor would be among those least affected by higher rates. About 2% of taxpayers who make more than $3.4 million a year would be hit with a tax increase, while 7% of taxpayers making less than $25,000 a year would see their tax bill go up, or would get less money back from tax credits, such as the earned income tax credit.
About 75% of middle income taxpayers, those who earn between $48,600 and $86,100, would see their taxes decrease by an average of $760 a year. But the remainder of that group — 24% — would see their taxes go up would have to pay about $1,000 more.