Tax Day Reminder: Over 80 Percent of Americans Are Getting a Tax Cut in 2018 Tax Day Reminder: Over 80 Percent of Americans Are Getting a Tax Cut in 2018 – NTK Network

Tax Day Reminder: Over 80 Percent of Americans Are Getting a Tax Cut in 2018

According to a study from the left-leaning Tax Policy Center, 80.4 percent of Americans are receiving a tax cut in 2018 thanks to the Tax Cuts and Jobs Act.

By NTK Staff | 04.17.2018 @12:00pm
Tax Day Reminder: Over 80 Percent of Americans Are Getting a Tax Cut in 2018

It’s Tax Day in America, the deadline for most Americans to file their federal tax returns. While it’s an unhappy day for some Americans who may owe Uncle Sam money, it’s worth a reminder that four in five “tax units” – either individuals, or couples filing jointly – will receive a tax break in 2018, thanks to the GOP tax bill.

That estimate comes not from the GOP, or even from a right-leaning outlet, but from the Tax Policy Center (TPC), a left-leaning think tank.

According to TPC’s December 2017 estimates, 80.4 percent of tax units will receive a tax cut in 2018, averaging $2,140.

Only 4.8 percent of Americans will see a tax increase, with most tax increases concentrated in the top half of taxpayers.

More than half of taxpayers in each income quintile will see a tax cut in 2018:

  • 53.9 percent of the bottom 20 percent of earners will see an average tax cut of $130
  • 86.8 percent of the second-lowest 20 percent of earners will see an average tax cut of $480
  • 91.3 percent of middle-quintile earners will see an average tax cut of $1,090
  • 92.5 percent of the second-highest 20 percent of earners will see an average tax cut of $2,070
  • 93.7 percent of the top 20 percent of earners will see an average tax cut of $8,510

For a look at how you may fare under the Tax Cut and Jobs Act, use this “Tax Reform Calculator” from the Tax Foundation, another tax-related think tank.

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