Analysis: Senate Tax Plan Will Reduce Taxes for Most Taxpayers, Gives Biggest Cuts to Moderate-Income Families
(Worthy News) – The Senate’s Tax Cuts and Jobs Act will reduce taxes for most households and will give the biggest cuts to those with moderate incomes and those with children, according to an analysis from the Tax Foundation.
“To help provide a sense of how the Senate’s amended version of the Tax Cuts and Jobs Act would impact real taxpayers, we’ve run the taxes of nine example households,” the foundation states. “Our results indicate a reduction in tax liability for every scenario we modeled, with some of the largest cuts accruing to moderate-income families with children.”
The foundation says that each type of family it scored had realistic characteristics so it could show how the bill’s individual income tax provisions would impact various types of families with different incomes. [ Source: Washington Free Beacon (Read More…) ]