Tax Plan Might not Prove that Generous to Middle Class

Tax Reform has many authors if you make bank form it; none if your taxes go up.  Most middle class taxes will go up when the provisions of this bill expire.

For families with children, another big provision comes into play: the child tax credit. The Senate bill would double that credit to $2,000 per child. As a result, families with children would generally get a bigger tax cut, although the benefits start to phase out above a certain income — that’s why the cuts are smaller for families higher up on the earnings ladder. (This analysis is based on an interpretation of the tax bill that is being used by the Joint Committee on Taxation and many other economists. The bill is ambiguous, however, and there is an alternative interpretation that would be much less generous to lower-income parents.)  https://www.nytimes.com/interactive/2017/11/28/upshot/what-the-tax-bill-would-look-like-for-25000-middle-class-families.html

Following this lovely paragraph comes the most important words:People who pay a lot in state and
local taxes could see big tax increases.  (Emphasis in original.)

Until now, we’ve been focusing on the impact of the Senate bill on people’s taxes in 2018, when most households would get at least a small tax cut. But the situation would look very different a decade from now. That’s because in order to reduce the cost of the bill, its authors set essentially all of the individual tax cuts — the doubled standard deduction, the more generous child credit, the lower tax rates — to expire after 2025. But one provision that’s bad for taxpayers — changing the measure of inflation used for many tax calculations — would not expire. As a result, two-thirds of middle-class households would get a tax increase in 2027, and none — zero percent — would get a tax cut. (That’s what’s shown in the left-hand chart above.) 

Those figures, however, consider only how the bill would affect personal income taxes. Starting in 2019, the bill would also cut taxes on businesses. Unlike the personal tax provisions, the business tax cuts would not expire.

Edition for today of making complicated things simple; the rich get richer and the rest get poorer.

Republicans suck.

PS: "...many would pay more under the Senate bill."  (From article linked above.)