Even after taking into account macroeconomic effects, the bill would cut taxes by nearly $3.6 trillion over the period. Under current law, most individual income tax provisions and the estate tax cuts of the TCJA are scheduled to expire at the end of 2025. TPC estimated the revenue and distributional effects of only the “Protecting Family and Small Business Tax Cuts Act of 2018” (PFSBTCA). Middle-income households would get an average tax cut of about $1,000, or 1.3 percent of their after-tax income. Extending the individual tax cuts would increase incentives for work and savings.

Source: Forbes September 12, 2018 18:33 UTC