Ryan Backs Off Claim That ‘Everybody’ Gets a Tax Cut in GOP Plan

The bill would cut individual income tax rates for almost all taxpayers who make less than $1 million a year. But it also does away with various credits, deductions and exemptions, leading to higher taxes for some, depending on how they use such breaks, according to various analyses.

The income tax rate will remain at 39.6% for those making more than $1 million, but many of those taxpayers will benefit from the elimination of the alternative minimum tax and the phase-out of the estate tax.

The Joint Committee on Taxation’s own analysis forecasts tax increases for some categories by the end of the coming decade, including those making $20,000 to $40,000. The Tax Policy Center estimates that 7% of filers face an increase in the first year rising to 25% by 2027.

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