September 28, 2017
The Republican leadership and Trump administration are working overtime to sell their tax plan as a big tax cut for middle class families.
Take a closer look at the numbers. That claim just doesn't add up.
- A married couple with one child earning $24,850 a year or less and claiming the standard deduction would get no tax cut.
- A married couple with one child earning $48,700 (that’s the median income in 2015 for a working family) and claiming the standard deduction would get a net tax cut of just $180 for the entire year.
- A household in the top 1 percent (meaning an income of $700,000 a year and up) would get about $150,000 a year. This group would get half of the tax cuts.
- The top one-tenth of 1 percent of households (meaning incomes above $3.8 million) would get about 30 percent of the tax cuts, or an average of about $800,000 a year per household.