The Trump administration's single-page tax plan might be light on details, but tax experts say it's likely that upper-middle-class families, especially those living in blue states, could take a hit, even as the wealthiest Americans get a windfall.
"Nineteen bullet points don't make a tax plan," said Roberton Williams, senior fellow at the Urban-Brookings Tax Policy Center. Tax experts echoed the futility of trying to make projections — or, for average Americans, trying to plan their financial futures — without any detailed insight into what parts of the tax code might change.
For instance, Trump's economic team said it wants to replace the current tax brackets with just three, at 10, 25 and 35 percent, but didn't provide income parameters.
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"Some people will potentially come out ahead, particularly if they didn't have a lot of deductions," said Steve Ellis, vice president at Taxpayers for Common Sense. But for families with six-figure incomes who itemize and take a lot of deductions, Trump's plan might not be the tax cut they were expecting.
"You're making lots of guesses," said Chuck Marr, director of federal tax policy at the Center for Budget and Policy Priorities.