Here’s the change in revenue the government can expect under the terms of the Senate bill, according to the CBO’s analysis. In other words, while the government will lose money on higher-income Americans, thanks to the tax cuts, there will be a net benefit for the government for those making less than $30,000. Unlike other aspects of the tax bill — like the corporate tax cut — personal income tax cuts will sunset in 2026 resulting in increases for most making less than $75,000 a year in 2027. Less spending by the government on some things, including health care for low-income Americans, and less revenue in the form of tax cuts for corporations and (often wealthier) taxpayers. Over that period, the government will be giving up an almost equivalent amount — about $91.7 billion — in tax cuts to those making at least $1 million a year.

Source: Washington Post November 27, 2017 18:50 UTC