Trump promised a tax overhaul by Christmas

Vastavam web: President Donald Trump today promised a tax overhaul by Christmas, even as a nonpartisan tax analysis group said the Senate package would leave half of taxpayers facing higher levies by 2027.Speaking before a Cabinet meeting, Trump said, “We’re going to give the American people a huge tax cut for Christmas hopefully that will be a great, big, beautiful Christmas present.”
The policy centre, a joint operation of the liberal- leaning Urban Institute and Brookings Institution, found that low-earners would generally get smaller tax breaks than higher-income people.In 2019, those making less than USD 25,000 would get an average USD 50 tax reduction, or 0.3 per cent of their after- tax income. Middle-income earners would get average cuts of USD 850, while people making at least USD 746,000 would get average cuts of USD 34,000, or 2.2 per cent of income.