Bad News If You Make $150,000 to $300,000: Higher Taxes for Many

From a WSJ report: If President Donald Trump sticks to what he has said, Americans earning between $149,400 and $307,900 are most likely to see an increase in their taxes as a result of tax reform (Editor’s note: the link could be paywalled). Those figures come from a recent study by the Tax Policy Center, a nonpartisan group in Washington, and are based on Mr. Trump’s statements and proposals. The study concludes that nearly one-third of about 19 million households in that income range could see tax increases averaging from $3,000 to $4,000 a year. By contrast, less than 10% of households earning the least or the most — below $25,000 or above $733,000 — would owe more after a tax overhaul. Over all, the study found that about 20% of taxpayers would owe more after tax reform than before it. The issue of tax reform’s winners and losers has resurfaced after top congressional Republicans and the Trump administration released a set of broad principles for tax policy on Thursday containing few details.


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