Taxes will rise for everyone earning under $75,000 within a decade under Republican plan
PIX 11 NEWS | 12/19/2017, 12:13 p.m.
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.