Friday, December 1, 2017

ANALYSIS: Senate Tax Plan Will Reduce Taxes for Most Taxpayers, Gives Biggest Cuts to Moderate-Income Families

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The Senate's Tax Cuts and Jobs Act will reduce taxes for most households and will give the biggest cuts to those with moderate incomes and those with children, according to an analysis from the Tax Foundation.
"To help provide a sense of how the Senate's amended version of the Tax Cuts and Jobs Act would impact real taxpayers, we've run the taxes of nine example households," the foundation states. "Our results indicate a reduction in tax liability for every scenario we modeled, with some of the largest cuts accruing to moderate-income families with children."
The foundation says that each type of family it scored had realistic characteristics so it could show how the bill's individual income tax provisions would impact various types of families with different incomes.
For example, the foundation first scored a single individual with no dependents who earns a salary of $30,000. If this filer takes the standard deduction under current law, this person would likely owe $4,331 in taxes. Under the Tax Cuts and Jobs Act, this filer would instead pay $3,953—a 9 percent cut—and his after-tax income would increase by 1.3 percent.
Read the rest of the story HERE.

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