Americans at all levels of income would save an average of $1,600 on their 2018 taxes if a Republican tax overhaul plan becomes law, according to an analysis published Friday by a tax watchdog group.
But 12 percent of taxpayers, many of them making between $150,000 and $300,000, could get hit with a tax increase averaging $1,800 on their 2018 return, mainly due to the repeal of most itemized deductions.
In general, the bigger your income, the more you would benefit from the tax changes, according to the analysis by the Tax Policy Center, a a Washington, D.C. not-for-profit think tank sponsored by the Brookings Institution and the Urban Institute.
But 12 percent of taxpayers, many of them making between $150,000 and $300,000, could get hit with a tax increase averaging $1,800 on their 2018 return, mainly due to the repeal of most itemized deductions.
In general, the bigger your income, the more you would benefit from the tax changes, according to the analysis by the Tax Policy Center, a a Washington, D.C. not-for-profit think tank sponsored by the Brookings Institution and the Urban Institute.
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