Is the GOP Tax Plan Likely to Raise or Lower Your Taxes?

By Richard Rubin and Taylor UmlaufFeaturesDow Jones Newswires

More than half of U.S. households would get tax cuts in 2019 under the Senate Republican tax plan, but about 9% would see tax increases, according to the nonpartisan Joint Committee on Taxation. The remainder would see their tax burden change by less than $100.

The plan cuts taxes by about $1.5 trillion over a decade. It increases to the standard deduction and child tax credit, but some households would end up paying more because they would lose the ability to deduct state and local taxes.

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The income group with the most tax increases is people between $200,000 and $500,000, where nearly 1 in 4 households would pay more in 2019 than if Congress did nothing. Among households with incomes over $1 million, 82% would see a tax cut while 18% would pay more.

The estimates don't include the estate tax, and the Committee didn't disclose what factors contributed to the different effects. The Committee uses a broad definition of income that includes an employer's share of payroll taxes and contributions to health plans.

Here is the percentage of filers who will see an increase, decrease or change less than $100 for each income range:

Income less than $10,000

Income $10,000 to $20,000

Income $20,000 to $30,000

Income $30,000 to $40,000

Income $40,000 to $50,000

Income $50,000 to $75,000

Income $75,000 to $100,000

Income $100,000 to $200,000

Income $200,000 to $500,000

Income $500,000 to $1,000,000

Income $1,000,000 and over

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(END) Dow Jones Newswires

November 14, 2017 09:26 ET (14:26 GMT)