Group sees '18 tax cuts across all incomes, biggest for rich - Spokane, North Idaho News & Weather KHQ.com

Group sees '18 tax cuts across all incomes, biggest for rich

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WASHINGTON -

A nonpartisan group says the Republican tax bill would cut taxes on average for all income groups next year, with bigger reductions for upper-income people.
  
The analysts also say that by 2027, when most individual provisions expire, just over half would face tax increases. Those boosts would range from an average $90 for people making up to $28,000 yearly to $420 for those earning above $155,000.
  
The analysis was by the Tax Policy Center. It estimated that when the legislation takes effect next year, those earning below $25,000 would average a $60 tax cut. People earning above $149,000 would see $7,640 average reductions.
  
People making above $733,000 - the top 1 percent - would get an average $51,140 cut in 2027.
  
Congress is expected to approve the bill this week.

(Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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