Four of every five taxpayers will get a significant tax cut next year if the Republican tax overhaul becomes law, according to the Tax Policy Center.
Just less than 5 percent, meanwhile, would see a tax increase of more than $10, the nonpartisan think tax estimated in a new report on the final tax bill, which is headed for final passage this week.
Because many of the bill's tax cuts on the individual side phase out over time, and because it would institute a new measure of inflation that would push taxpayers into higher tax brackets in future years, the overhaul would mean that more people face tax increases in later years. By 2027, more than half of taxpayers would have suffered tax hikes, according to the group, which has been criticized in recent months by Republicans.
Republicans say they intend for future congresses to reintroduce the tax breaks that are set for expiration in their bill.
Regardless, over the next few years, the bill would provide tax relief for most people.
High-income earners would see the biggest tax cuts, the Tax Policy Center finds. Public polling in recent weeks indicates that many people fear that their taxes will go up rather than down.
Taxpayers in the top 1 percent of the distribution would see an average tax cut of $51,140 in 2018. Top 0.1 percenters, earning more than $3.4 million a year by the think tank's measure of income, would get an average tax cut of $193,380.
Of note, though, the biggest tax cuts wouldn't go to plutocrats. Rather, they would be enjoyed by the merely very wealthy: people earning between around $300,000 and $700,000.