With tax season ending this week for most Americans, Howard Gleckman of the Tax Policy Center has boiled down the effects of the new tax law for the average citizen into just a few numbers.
While no two taxpayers had exactly the same experience, Gleckman says these three numbers, drawn from TPC’s analysis of The Tax Cut and Jobs Act, do a good job of summing up what the GOP tax cuts meant for most people:
- 65% of households got a tax cut,
- 6% of households got a tax increase,
- the tax cut for the average middle-income household was $800.
One other generalization may come in handy, too: “in general,” Gleckman wrote, “the more money you made, the bigger your tax cut on average--both in dollars and as a share of your after-tax income.”