Issue Report ● GOP Tax Planfacebooktwitterbirdemail
For Immediate Release: 
November 14, 2017
Contact Info: 
Mariel Saez 202-225-3130
On Monday, the non-partisan Tax Policy Center released an updated analysis of the GOP tax bill that passed out of the Ways & Means Committee on a partisan basis. The analysis confirms that the amended legislation will still give enormous tax breaks to the wealthiest Americans and corporations while raising taxes on millions of middle class families and exploding the deficit. According to the analysis:
  • 36 million middle class American households will see a tax increase in 2027;
  • 24% of taxpayers would pay an average of $2,080 more in taxes in 2027;
  • 47% of the tax cuts go to the top 1% of earners; and
  • The tax plan will explode the deficit by $1.5 trillion dollars over the next decade.
This graph from the Tax Policy Center shows the massive drop off in benefits to middle-class Americans under the GOP bill, largely because Republicans allow many provisions that benefit the middle class to expire after a few years while large benefits for the wealthy – like repeal of the estate tax– are expanded and made permanent:
 
 
Here is a look at how the Tax Policy Center analysis has played out for Republicans in the headlines:  
 
Business Insider: A new analysis finds the GOP tax bill would be terrible for many Americans
 
“The House GOP bill to overhaul the federal tax code would result in a higher tax burden for many and skew its benefits toward wealthier Americans.”
  
CNBC: A quarter of all taxpayers would pay more in 10 years under GOP tax plan: Revised report
 
“…Within the overall tax cuts, the wealthiest 1 percent of taxpayers would benefit far more than the rest of the country. The analysis undermined Republican claims that the bill introduced last week would primarily benefit the middle class over the wealthy. ”
 
The Hill: 25 percent would see higher tax rates in 2027 under GOP plan: analysis
 
“An updated report from the Tax Policy Center finds that at least a quarter of taxpayers would see their taxes go up within a decade under the Republican plan to overhaul the tax code.”
 
“The analysis also finds that at least 7 percent would see increases in the very first year…The report also found that the wealthy would disproportionately benefit from the plan.”

Click here to read the PDF. 

Follow Whip Hoyer on FacebookTwitter, and Instagram