On Tuesday, the Senate Budget Committee approved the Senate Republican Tax Plan, clearing the way for the bill's consideration later this week.
The bill would cut the corporate tax rate from 35 percent to 20 percent, but many Americans remain unsure about how the tax plan will impact them personally.
One reason for the ambiguity is that the Senate tax plan has several major differences from the plan that passed in the House earlier this month, and it's difficult to predict just how much spending cuts will impact individuals.
But on Sunday, the bi-partisan Congressional Budget Office (CBO) released a report that calculates the exact impact, positive or negative, that the Senate tax plan would have on taxpayers. Their figures consider how individuals' tax bills will change, as well as how the benefits and services they currently receive — like Medicare and Medicaid — will be adjusted.
Source: Source: CBO
According to the CBO's calculations, individuals in every tax bracket below $75,000 will experience a year in which they record a net loss — meaning they'll pay more in taxes, experience diminished services, or both — by 2027.
The lowest income groups will face significant overall losses, and those making between $10,000 and $20,000 a year will face the biggest losses. The CBO estimates that in 2027, taxpayers from this bracket will see an overall loss equivalent to $788.10.
Median household income in the U.S. is $55,775. For these households, the Senate tax plan will provide gains — in the form of a tax cut or increased services — of $812.98 in 2019. In 2027 however, taxpayers will begin to experience losses.
Those earning between $75,000 and $100,000 can expect to receive significant, but decreasing, gains between 2019 and 2027.
Taxpayers from the highest income brackets stand to gain the most under the Senate tax plan. In fact, the CBO's figures suggest that those making over $1 million would receive a gain of $59,615 when the bill's tax cuts take effect in 2019.
Over time, the amount that millionaires will gain from the Senate tax plan will decrease. However, even in 2027, the year in which those earning over $1 million receive the smallest benefit, they will still record a gain equivalent to $9,189.19.
While the Senate is expected to make adjustments to the bill, Republicans are optimistic that it will ultimately pass.
"It's going to have lots of adjustments before it ends," said President Donald Trump on Tuesday, "but the end result will be a very, very massive — the largest in the history of our country — tax cut."
But if you earn less than $75,000, this tax cut is not for you.
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