The Republican tax bill has gone from bad to completely, bugshit nuts. Via the Joint Committee on Taxation, here’s the latest estimate of how the Senate version of the bill will change the taxes you pay:
This is not a typo. By 2027, middle-class taxpayers will, on average, pay about $400 more than they would under current law. The rich will pay several thousand dollars less. Here are the changes in tax rates:
Have Republicans gone crazy? They can’t seriously be thinking of passing this thing, can they?
UPDATE: I’ve changed the top chart because it was confusing. JCT calculates the total amount that each income class will pay, and unless you look at the chart closely it appears that a middle-class taxpayer will pay $4-8,000 more in taxes. In fact, they will collectively pay $4-8 billion more. I’ve divided each income class by the number of households in the class to get an average per household.¹ This is what the new chart shows.
¹It’s actually the average per “tax unit,” but it’s pretty much the same thing.