July 12, 2017

Trump's tax plan to cost middle class dollars

Washington Post - The White House has promised the biggest tax cut in the history of the country, and the promise of tax relief was a crucial aspect of Trump's pitch to voters as a candidate. Many Americans are probably expecting that Trump will bring down their taxes.

In fact, while Trump has not yet laid out a detailed plan, the proposals that administration officials have put forward so far would result in an increase in taxes for nearly one in five American households, according to an analysis published Wednesday by the nonpartisan Tax Policy Center .

And among those in the middle class, almost a quarter would see their taxes go up, according to the TPC analysis. For households with annual incomes between $49,000 and $86,000, those facing a hike would see an average annual increase of $1,000.

Among the other three-quarters of taxpayers in that range who would enjoy a tax cut, the average annual decrease of their household tax bill would be about $1,320, according to the TPC.

No comments: