Preliminary Analysis of the Trump Tax Plan

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Tax Policy Center:

The Tax Policy Center has produced preliminary estimates of the potential impact of proposals included in the “Unified Framework for Fixing Our Broken Tax Code”. We find they would reduce federal revenue by $ 2 .4 trillion over ten years and $ 3 .2 trillion over the second decade (not including any dynamic feedback). In 2018, all income groups would see their average taxes fall, but some taxpayers in each group would face tax increases. Those with the very highest incomes would receive the biggest tax cuts. The tax cuts are smaller as a percentage of income in 2027, and taxpayers in the 80th to 95th income percentiles would, on average, experience a tax increase.