Taxes will rise for everyone earning under $75,000 within a decade under Republican plan

Congress’ official tax analyst says while the Republican tax bill would mean an average initial reduction for all income groups, average taxes would rise for everyone earning under $75,000 by 2027.

The tax increase is largely because most of the legislation’s individual tax provisions expire in 2026. People making above $733,000 — the top 1 percent — would get an average $51,140 cut in 2027.