How Republican tax plan will impact everyday Americans

Politics
This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

DENVER — Republicans passed a key test Tuesday with a Senate Committee advancing the GOP tax plan. Whether it will pass a vote on the Senate floor by the end of the year is another question.

How this will impact everyday Americans is another question.

According to the nonpartisan Congressional Budget Office, poorer Americans would pay more in taxes while wealthier Americans would see the biggest benefits.

According to the CBO report, Americans making less than $30,000 a year would pay more in taxes, mainly because of rising health care costs.

Americans making between $50,000 and $75,000 would see tax relief between 2019 and 2025, but their taxes would rise in 2027.

Meanwhile Americans making more than $75,000 would see modest declines in tax payments over the long term, with those making more than $100,000 a year seeing the most benefits.

Marketwatch, a financial website, has created a tax calculator to determine possible impacts. Every taxpayer is different because of children, mortgages and charitable deductions.

Copyright 2022 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Most Read

Top Stories