Republican “Tax Cut And Jobs Act” Reduces Standard Income And Corporate Tax Rates And Revises Several Types Of Deductions; Will Add $1.5 Trillion To National Debt

 In Budget and Taxes   Last Updated: March 4, 2018

The Republican Tax Reform Plan reduces the standard income tax rate at a similar amount for most individuals across all income levels and maintains 7 income tax brackets.

SOURCE: The Balance (See Below Citations)

While the legislation is long and complicated, here is a non-exhaustive list of additional highlights of changes:

 

The Joint Committee on Taxation’s (JCT) analysis of the law estimates that the national debt will increase by $1.46 trillion over 10 years on a static basis.”

 

When factoring all changes to taxes, deductions, and other economic factors, the Tax Policy Center has estimated the following overall changes to after-tax income by income level.

SOURCE: Tax Policy Center (See Below Citations)

 

 

 

Kimberly Amadeo. "Trump's Tax Plan and How It Affects You." The Balance, 05 February 2018. Web. 04 March 2018.
David Floyd. "Trump's Tax Reform Plan." Investopedia, 12 January 2018. Web. 04 March 2018.
Heather Long. "The final GOP tax bill is complete. Here’s what is in it.." Washington Post, 15 December 2017. Web. 04 March 2018.
"DISTRIBUTIONAL ANALYSIS OF THE TAX CUTS AND JOBS ACT AS PASSED BY THE SENATE FINANCE COMMITTEE." Tax Policy Center. Urban Institute and Brookings Institution, 20 November 2017. Report. 04 March 2018.
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