Half of All American taxpayers will start paying more taxes by 2027, shows nonpartisan analysis of tax reform bill

Even as President Trump promised on Monday that “We’re going to give the American people a huge tax cut for Christmas — hopefully that will be a great, big, beautiful Christmas present,” a nonpartisan assessment of the tax reform bill tells a different story.

First, the assessment, conducted by the Tax Policy Center, shows that 9 percent of taxpayers would be paying more by 2019; by 2027, that figure will burgeon to 50%.

Second, it shows that the increased productivity will yield about $169 billion in economic growth over a ten-year period, hardly enough to cover the $1.5 trillion deficit load that the Tax Cuts and Jobs Act will create over the same period.

Senator Don Wyden (D-Oregon), the top Democrat on the Senate Finance Panel, said the Tax Policy Center study demonstrated that “middle-class Americans will ultimately see a tax hike under Republicans’ plan while corporate sponsors line their own pockets with multi-trillion-dollar giveaways.”

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