GOP makes changes to tax bill, adjustments to tax brackets would happen immediately

News
AP Poll Taxes_735155

FILE- In this April 13, 2014 file photo, the Internal Revenue Service Headquarters (IRS) building is seen in Washington. The rich aren’t taxed enough and the middle-class is taxed too much. As for your taxes, you probably think they’re too high as well. Those are the results of a new Associated Press-GfK poll, which found […]

WASHINGTON (AP) – House Republicans have already made a change to their big tax overhaul: Now its tax cuts would be less generous.

Ways and Means Committee Chairman Kevin Brady would adjust tax brackets immediately instead of 2023, which means more income would get taxed at higher rates over time. And it would mean less generous tax cuts for individuals and families.

It’s a new, lower inflation “chained CPI” adjustment for tax brackets.

The change would lower the value of the tax cuts by $89 billion over 10 years, compared to the version of the bill when it was unveiled Thursday.

As wages rise, middle-class filers would have more of their income taxed at the 25 percent rate instead of at 12 percent, for instance.

The move frees up money for the Texas Republican to use to address concerns by lawmakers when changing the bill further next week.

Copyright 2017 Associated Press

Copyright 2019 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Editor's Pick

More Editor's Pick