Since the release of the GOP’s long-awaited tax reform plan, a flurry of commentators have criticized it, saying it is a regressive plan that will raise taxes on a sizable portion of Americans.
What they often fail to mention is that their estimates depend on details of the plan that have yet to be released. As it turns out, different assumptions about those details can dramatically alter the projections of who gets a tax cut under the GOP plan.
For a vast majority of Americans, the main changes they would experience from the plan would be to their income tax rate, the standard deduction, the personal and dependent exemption, and the Child Tax Credit.
So what do we know about how the GOP plan will affect these variables? -- More....
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