TPC: Senate Tax Bill Would Lower Taxes for All Income Groups in 2019

TPC: Senate Tax Bill Would Lower Taxes for All Income Groups in 2019

Urban-Brookings Tax Policy Center

The Tax Cuts and Jobs Act, as passed by the Senate Finance Committee, would reduce taxes on average for all income groups in both 2019 and 2025, but by 2027, low-income taxpayers would face a modest tax increase while high-income taxpayers would still receive a tax reduction, the Urban-Brookings Tax Policy Center said in a November 20 analysis.

The Tax Cuts and Jobs Act, as passed by the Senate Finance Committee, would reduce taxes on average for all income groups in both 2019 and 2025, but by 2027, low-income taxpayers would face a modest tax increase while high-income taxpayers would still receive a tax reduction, the Urban-Brookings Tax Policy Center said in a November 20 analysis.

The <a href="/lr/resolve/source-document/1xbws" title="Source document">Tax Cuts and Jobs Act</a>, as passed by the Senate Finance Committee, would reduce taxes on average for all income groups in both 2019 and 2025, but by 2027, low-income taxpayers would face a modest tax increase while high-income taxpayers would still receive a tax reduction, the Urban-Brookings Tax Policy Center said in a November 20 analysis.