How much would Americans of different income save in taxes if the GOP bill is signed into law?
CBSN
The White House on Friday touted a Republican-backed tax bill as delivering "PERMANENT tax cuts and bigger paychecks." Yet experts say the legislation would disproportionately benefit the highest income earners, while offering far more modest gains to Americans lower down the ladder.
If the bill is passed, households with more than $1 million in annual income would see their after-tax earnings rise by 4.3%, according to a new analysis from the Center on Budget and Policy Priorities (CBPP), a public policy think tank. The lowest-earning 20% of Americans would receive the smallest boost — their after-tax incomes would rise 0.6%, or an average of $90 annually, CBPP found.
Other analyses have reached similar conclusions. The Tax Policy Center, a joint venture of the Urban Institute and Brookings Institution, forecasts that the bottom 20% of Americans would see a 0.6% increase in after-tax income under the House tax bill, compared with a 3.7% increase for the top 20%.
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