The Committee for a Responsible Federal Budget (CRFB) reported on November 10, 2017 that individual tax changes (increases and decreases) nearly offset, while business taxes are significantly reduced over ten years. In other words, this is a major tax cut for capital (business owners) but less so for labor (workers earning wages):
Individual tax cuts of $3.3 trillion would be mostly offset by individual tax increases of $3.1 trillion, a net $200 billion tax cut.
Business tax cuts of $2.4 trillion (mainly reducing corporate and pass-through entity tax rates) would be partially offset by business tax increases of $1.3 trillion, a net $1.1 trillion tax cut. Mathematically, this is more than five times the size of the net individual tax cuts ($1.1 trillion vs. $200 billion).
Reducing or repealing the estate tax would represent another $150 billion, mainly a tax cut for the most wealthy taxpayers (the top 0.1%).[1]
CBO reported their distribution for the Senate version as shown in the latest version of the graph.[2]
DescriptionTCJA Net Tax Benefits by Type of Taxpayer.png
English: TCJA net tax benefits by type of taxpayer, total over 10 years. Businesses receive $1.1 trillion benefit, individuals $200 billion, and estates (over $5 million) $150 billion.
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