GOP Tax Plan just passed the Senate floor. Various publications are providing in-depth coverage of the Tax Plan. Well, we decided to simplify it:
|35%||21%||Corporate Rate is reduced*|
Based on various surveys done by Bank of America & Merrill Lynch , 65% of large corporations polled said they would use the new gains to pay down debt, 46% would buy back stock, and just 35% would spend on capital expenditures.
– Middle Quintile would get an average $930 in 2018 & $910 by 2020. The Tax Policy Center estimates that 80% will see a tax cut.
– 4.8% of tax filers would see a tax increase
– 8.9% of people would see a tax increase by 2025
“What would these average tax cuts mean for American households? For middle-income people, an extra $900 would pay for about seven months of gas,” said Howard Gleckman, a senior fellow at the TPC. “By contrast, those in the top 1% could pick up a nice Mercedes C Class Coupe with their $50,000+ average tax cut.”
The G.O.P Tax plan will reduce the budget but instead add an additional $1.3 Trillion over 10 years based on the report published by the Tax Center. Whereas conservative numbers float around the $448 billion over 10 years.