Under the G.O.P. Tax Plan, Who Would Win and Lose?
Al Drago/The New York Times
Republican leaders in Congress, with the urging of President Trump, are trying to overhaul the tax code before the end of the year.
The goals? Spur investment and create jobs, reduce the code’s staggering complexity and put more money in the pockets of middle-class families. The debate lies in whether the changes the Republicans have chosen will work as intended and accomplish what they claim.
The idea of tax cuts has always been popular, but if the system doesn’t bring in enough revenue to pay for necessities — soldiers’ salaries, highway construction and disaster relief, among others — then the changes could undercut economic growth and the standard of living.
Republicans in both the House of Representatives and the Senate have proposals, and the House passed its bill on Thursday. It’s virtually impossible to fully understand, let alone keep up with, the flood of proposals, procedural developments, amendments and analyses that continue to pour out. Here are some of the big-picture ideas to keep in mind as this political sausage is being made.
While individuals across income brackets would benefit, not everyone would, and the bigger winners may be corporations.
A far-reaching tax bill like the ones now being considered would touch nearly every American and every business in small ways and large. There are proposals that could affect how much it costs you to buy a house, care for a sick relative, adopt a child and send a child to private school.
As with any tax bill, there are winners and losers.
Who Would See Tax Cuts From the Senate Plan Next Year …
… And How Much They Would Save