The GOP’s latest tax overhaul is likely to be a tax increase, not a cut.
It will give millionaires more than $1 trillion in tax breaks and raise taxes on low- and middle-income Americans.
But it will also be a massive tax cut for ordinary people, especially in the middle class.
For many Americans, the biggest impact will be a hike in the price of health insurance, which will result in many people losing coverage.
But the impact will also extend to the very poor, many of whom will see their deductibles, co-payments and other out-of-pocket expenses rise.
The nonpartisan Tax Policy Center estimated that the bill will raise average household incomes by as much as $6,600.
But for those with relatively modest incomes, the bill could save them tens of thousands of dollars per year.
The Congressional Budget Office said the bill would cut taxes for individuals earning less than $50,000, and it will cut taxes by as little as $1,100 for those earning more than that.
It would also make tax cuts for the wealthy permanent.
The Republican Party’s tax reform is supposed to provide tax relief to the middle and lower classes, which include both those earning under $50 a year and those earning $100,000 or more.
The GOP tax overhaul proposal would be a huge win for middle-class Americans, who already pay a lot in taxes, particularly in their federal taxes.
The Tax Policy center found that in 2020 alone, those earning between $50 and $99,000 will save $4,000 to $10,000 annually, depending on their income.
The Tax Policy Council estimated that people earning $200,000 and over will save as much of their tax burden as those earning less.
A report from the Joint Committee on Taxation said that while most of those saving will be for lower income taxpayers, the overall tax bill will be more for the top 1 percent.
And the JCT found that the wealthiest 1 percent will see an average tax cut of nearly $8,000.
The biggest tax relief for the middle classes will come from the tax cuts.
The Joint Committee’s analysis found that middle-earners will save an average of $4.2 trillion over 10 years.
That’s an average $1.5 trillion over the first 10 years of the bill.
But it will be even more substantial for higher earners, who will see a $2 trillion tax cut.
The JCT estimates that middle class taxpayers will see the largest tax cut, and those in the top 0.1 percent of earners will see $3.7 trillion in relief.
The Joint Committee also found that most of the benefits of the GOP tax bill are concentrated among the middle, and the wealthiest.
The vast majority of the tax benefits will go to households making more than about $1 million.
The top 1% of earners, by contrast, will see just $1 billion in relief in 2026.
But while those in households earning more will likely see a tax cut worth $4 to $8 in their lifetime, many people who make less than that will pay more.
According to the Tax Policy Institute, nearly a quarter of households earning less would see their taxes go up under the bill, and more than one-third of households in households making less than about half of the median income would see a decrease in their taxes.
A larger percentage of the middle earners will also see their out- of-pocket costs increase under the GOP plan.
In 2020, more than two-thirds of those making between $25,000-$75,000 would see an increase in their out of pocket costs.
That number will increase by nearly 50 percent by 2025.
And nearly one-quarter of those earning over $75,001 would see that increase.
The middle class is one of the most vulnerable groups in the United States.
About 50 percent of the country lives in households with incomes less than twice the median, and about 60 percent of those with incomes between $7500 and $75K would be living in households in poverty in 2021.
The poverty rate is 11.2 percent.
According to the nonpartisan Tax Foundation, the GOP bill will benefit the richest Americans at the expense of middle- and low-income workers.
For example, the nonpartisan Joint Committee found that households earning $150,000 a year will pay an average effective tax rate of $2,700 under the Republican bill.
That would amount to an average annual tax increase of $24,200 for households earning between about $75k and $100k.
The richest 10 percent of households will see more than a 1 percent cut in their tax bill, the Tax Foundation found.
And those in families making more will pay as much in taxes as those in less affluent households.
The wealthiest 10 percent will pay $1 in taxes on average under the House plan, while those earning the lowest 20 percent of income will pay just $3 in taxes.
And a majority of Americans who will benefit from the GOP