Republicans in Congress say they plan to pass a tax bill in November. While there’s no way to know what’ll be in a final bill, you can go to the Republican starting point to get a sense of what the end is likely to look like. For most Americans–in fact, for just about everyone except the wealthiest among us–the picture isn’t very exciting.
The grandiosely-titled “Unified Framework for Fixing Our Broken Tax Code,” released in September, would cut taxes by an average of about 1.2% for 95% of the population (everyone with income of up to about $300,000), according to an analysis by the Urban-Brookings Tax Policy Center, which is the go-to source for this stuff.
But that’s just an average; not everyone would get a tax cut. For example, about one of every three taxpayers making $150,000-$300,000 would actually see their taxes increase, mostly because of the loss of itemized deductions such as state income taxes and local property taxes.
If you’re in the top 1%, the outlook is radically different. About half of the total tax cut will go to the top 1%; their bills would be cut by an average of $146,000, according to the Tax Policy Center.
And for the top one-tenth of one percent (people making more than $3.5 million): Say Hello to an average tax cut of $747,000.
The tax breaks also shrink over time for everyone except the top 1%, as The New York Times points out here .