A federal tax overhaul that is set to expire next year would slash federal income taxes for nearly every American.
That includes nearly all Americans earning more than $1 million a year, the top 1 percent of earners, and all Americans who receive Social Security and Medicare benefits.
Here are the biggest takeaways: 1.
The bill’s biggest winners will be the wealthiest Americans 2.
The richest Americans would receive the biggest tax cuts in the Senate bill 3.
All Americans with incomes over $1.6 million a day would get a $250 credit on their federal tax bill 4.
The top 1% of earners will get the biggest hit 5.
The biggest losers will be everyone earning less than $10,000 per year 6.
The Senate bill would eliminate a number of deductions and exemptions.
The House bill would also eliminate a provision that allows taxpayers to deduct the mortgage interest and home insurance payments that they pay on their mortgage.
The mortgage interest deduction is one of the big winners in the House bill, which would reduce the average mortgage payment to just over $300 a month.
The tax bill would slash taxes on a wide range of businesses and individuals, including: businesses making $1,000,000 or more, individuals making over $250,000 and couples making more than that.
The average household would get an average tax cut of $3,500.
The GOP plan would also increase taxes on individuals and businesses earning more.
The Republican plan would raise taxes on most Americans, but the rich would get more tax cuts than most other groups.
The wealthy would get $2,100 on their $400,000 incomes, and the middle class would get just $800.
The majority of the tax cut would go to the top one percent of taxpayers, which is a far cry from what the top tax rate is for middle-income Americans.
The wealthiest one percent would see a $2.6 trillion tax cut in the bill.
The cuts would mostly go to individuals and couples with incomes of over $100,000 a year.
For the average American, that is just $1 a month in taxes.
The Tax Foundation, a conservative think tank, predicts that the biggest winners in both the Senate and House tax bills would be the wealthy.
They estimate that the Senate would cut taxes on the wealthiest one-tenth of 1 percent, while the House would give the wealthy a tax cut worth about $1 trillion.
The nonpartisan Tax Policy Center estimates that the average tax bill for households earning $1 billion or more would be $3.6 billion.
The middle class and low-income households would receive less tax cuts under the House plan, and they would see their tax bills go up. 13.
The Joint Committee on Taxation, a nonpartisan accounting firm, estimates that about 80 percent of the Tax Policy Act’s $4.6tn in revenue would go toward deficit reduction.
The plan also includes an $800 tax credit for families with children, which could add to the costs of paying for Obamacare.
It’s important to note that the tax credit would be a temporary tax credit that would expire after 10 years.
The credit would last for five years.
The legislation also includes a number a tax breaks that have been criticized for being too generous, including a $1m credit for college tuition, a $300 credit for mortgage interest, and a $100 credit for the cost of childcare.
The Congressional Budget Office, a congressional research organization, estimates the tax plan would cut the federal deficit by $1tn over the next decade.
The vast majority of Americans, about 60 percent, would be able to deduct their mortgage interest from their federal taxes.
The rest would get some tax cuts, including the biggest of them all.
The bottom line is that the GOP tax plan will provide a massive tax cut for a huge number of Americans.