Taxpayers earning $75,000 or less
According to the
CBO's calculations, individuals in every tax bracket below $75,000 will experience a year in which they record a net loss — meaning they'll pay more in taxes, experience diminished services, or both — by 2027.
The lowest income groups will face significant overall losses, and those making between $10,000 and $20,000 a year will face the biggest losses. The CBO estimates that in 2027, taxpayers from this bracket will see an overall loss equivalent to $788.10.
Households earning median U.S. income
Median household income in the U.S. is
$55,775. For these households, the Senate tax plan will provide gains — in the form of a tax cut or increased services — of $812.98 in 2019. In 2027 however, taxpayers will begin to experience losses.
Taxpayers earning between $75,000 and $100,000
Those earning between $75,000 and $100,000 can expect to receive significant, but decreasing, gains between 2019 and 2027.
Those who'll benefit most from the Senate tax plan
Taxpayers from the highest income brackets stand to gain the most under the Senate tax plan. In fact, the
CBO's figures suggest that those making over $1 million would receive a gain of $59,615 when the bill's tax cuts take effect in 2019.