Only 8.5 million to face higher bill
The Republican tax law just signed by President Trump benefits most American taxpayers, at least until key provisions sunset.
That’s the conclusion of a look at the Tax Cuts and Jobs Act by the Tax Policy Center.
The good news is that there aren’t many who will pay higher taxes next year — about 8.5 million, compared to the some 143 million who will get lower taxes.
For the most popular bracket of what the Tax Policy Center calls expanded cash income level, the $50,000 to $75,000 range, will see an average tax change of $870.