CHARTS: See How Much Of GOP Tax Cuts Will Go To The Middle Class
CHARTS: See How Much Of GOP Tax Cuts Will Go To The Middle Class Enlarge this image toggle caption Mark Wilson/Getty Images Mark Wilson/Getty Images Updated on Dec. 20 at 3:50 p.m. The average household would get a tax cut of $1,610 in 2018, a bump of about 2.2 percent in that average household's income, according to a report released Monday by the Tax Policy Center, a nonpartisan think tank that has been critical of the tax overhaul plan. As a result, the Tax Policy Center predicts that in 2027, the average tax cut would amount to $160, or just a 0.2 percent income bump. This would mean a tiny tax bump for many lower- and middle-class households — the average $50,000 to $75,000 — earning household would have a tax bill that is $30 higher than today. Put another way, in 2018, households earning $1 million or more — or, 0.4 percent of all tax filers — would be getting 16.5 percent of the total benefit from the bill.
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