WASHINGTON - A new analysis of the Republican tax plan today confirms that their proposal to dramatically lower rates for the very wealthy would raise taxes on the middle class and lead to overwhelming new tax breaks for the very wealthy. The analysis by the Joint Economic Committee shows that individuals making over $1 million would get an average additional break of more than $331,000, while people making between $50,000 and $100,000 would see their taxes rise by an average $4,500.
“There could be no clearer evidence that Republicans want to double down on the Bush tax cuts for the very wealthy at a cost to the middle class," said Ways and Means Committee Ranking Member Sander Levin. “Today’s report confirms in stark detail what we have long known: the GOP tax plan is not tax reform, it’s a tax punch in the gut of everyone but the very highest earners."
Last June, the Joint Committee on Taxation produced a distributional analysis of who benefits from a variety of tax provisions that Republicans would have to eliminate under their tax plan. It showed that some of the largest provisions overwhelmingly benefit middle- and lower-income Americans, including the exclusion for employer-provided health care, the mortgage interest deduction and the education credit.
Today’s report puts that analysis into sharper focus, laying out exactly how much each income bracket would be impacted by the GOP tax agenda, which would lower the top tax rate from 35 percent to 25 percent.
Here’s how the Washington Post summarized the results:
