Trump has repeatedly described the plan as a boon for the middle-class -- and the bill includes provisions that almost double the standard deduction and expand the child tax credit. Those measures will benefit millions of families, not just those in the middle class.
GOP leaders say a “typical family of four” that’s earning $73,000, the median family income in the U.S., would see a tax cut of more than $2,000 under the bill. But the bill also cuts the top marginal tax rate on households earning more than $600,000 a year, and provides a new tax break for owners of partnerships, limited liability companies and other so-called pass-through entities.
This article was provided by Bloomberg News.