The Senate tax bill is better for the middle class than the House version, a new analysis by The New York Times finds. “But both bills would disproportionately benefit high earners and corporations and raise taxes on millions of middle-class families,” Ben Casselman and Jim Tankersley report.
The Senate bill, on average, cuts taxes for Americans at every income level. But the Times analysis concludes that about one in four middle-class families — those with one child and earnings between about $50,000 and $160,000 a year — would see their taxes go up by an average of roughly $1,000 in 2018. By 2026, about a third of such families would be paying more, with the average tax bill rising $1,600.
An earlier analysis by the Times found that, under the House bill, about half of middle-class families would pay more in taxes by 2026.