President Trump flew to Missouri Wednesday to pitch his tax plan as a great benefit to the middle class, but a new analysis from the Joint Committee on Taxation, Congress’s official scorekeepers, shows that many American families won’t pay significantly less under the Senate GOP tax bill.
Trump has promised Americans “huge” tax cuts, but only 44 percent of taxpayers would see their tax bills reduced by more than $500 in 2019, according to JCT’s analysis of the winners and losers in the plan. The chart below was first reported by The Washington Post after a GOP senator’s office shared it.
“We’re going to give the American people a huge tax cut for Christmas — hopefully that will be a great, big, beautiful Christmas present,” the president said last week.
Overall, the majority of Americans — 62 percent — would get a tax cut of at least $100 in 2019, according to JCT. The remaining 38 percent would either pay about the same in taxes as they do now or get a tax hike.
But by 2027, just 16 percent of Americans would get a tax cut of at least $100. The “winners” fall dramatically because the tax cuts for individuals go away in 2026 in the Senate GOP plan. Republicans argue that those tax cuts are likely to be extended by a future Congress.
