Impact of the New Tax Bill on Average

Index - https://steemit.com/tax/@alhofmeister/tax-blog-index

Summary
In a report put out by the tax foundation, the new tax law will boost long-run GDP by 1.7% and increase the domestic capital stock by 4.8%. Wages will increase by 1.5% and 339,000 will be added as a result of the new tax bill.

In the short run, taxpayers in the 95% to 99% income group will most benefit from the bill (seeing an increase in income of 2.2%) while taxpayers in the 0% to 20% income group will see the least benefit from the bill (seeing an increase in income of 0.8%).

In the long term, taxpayers in the 0% to 20% and the 60% to 80% income groups will see the most benefit from the bill (seeing an income increase of 0%) while taxpayers in the 90% to 100% will see the least benefit from the bill (seeing an income decrease of 0.6%).

Taken from the Tax Foundation website.

Additionally, the Tax Foundation published an article detailing specific examples of taxpayer situations and how they are impacted by the new tax law.

Taken from the Tax Foundation website.

References
https://taxfoundation.org/final-tax-cuts-and-jobs-act-taxpayer-impacts/
https://taxfoundation.org/final-tax-cuts-and-jobs-act-details-analysis/#_ftn3

Disclaimer
Any accounting, business or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties.