In general, the more you earn, the more you’ll save on taxes.
On Wednesday, the House approved a sweeping overhaul of the U. S. tax code, which President Donald Trump is expected to sign into law soon.
Although it’s being billed as a tax cut, many people may end up paying more, CNBC’s John Schoen reports .
As for how it will affect individuals, in general, the more you earn, the more you’ll save on taxes. The Institute on Taxation and Economic Policy ran the data to estimate how much individual households may fare under the new rules, which Schoen compiled into a helpful interactive graphic here.
The poorest Americans will be hit the hardest, but the middle class will feel the burn as well. Because the income required to be considered “middle class” varies from state to state — and from individual to individual, depending on your definition of the term — we’ve highlighted the share of returns among the second, third and fourth 20 percent of earners that will get a tax cut and tax hike in each state.
Keep in mind that these estimates aren’t definitive. “The new rules are so complex that two taxpayers in the same neighborhood with the same household income could see very different tax bills,” reports Schoen.
“A focus on the average impact of the tax bill overlooks the specific impact on each individual tax return,” he adds. “Some households will see big savings; others will get hit with large increases.”
Below, we’ve included data for how middle class taxpayers may fare in 2019. Because the tax plan spans 10 years, check out the projections for 2027 here.
Annual income of $21,620 to $37,600
Annual income of $37,600 to $58,420
Annual income of $58,420 to $92,610
Annual income of $24,070 to $41,560
Annual income of $41,560 to $66,210
Annual income of $66,210 to $112,680
Annual income of $23,550 to $39,370
Annual income of $39,370 to $62,880
Annual income of $62,880 to $101,500
Annual income of $21,690 to $35,910
Annual income of $35,910 to $56,750
Annual income of $56,750 to $91,360
Annual income of $27,830 to $48,110
Annual income of $48,110 to $76,530
Annual income of $76,530 to $130,820
Annual income of $26,040 to $46,170
Annual income of $46,170 to $71,420
Annual income of $71,420 to $122,590
Annual income of $25,440 to $49,530
Annual income of $49,530 to $83,650
Annual income of $83,650 to $143,120
Annual income of $22,570 to $40,600
Annual income of $40,600 to $65,950
Annual income of $65,950 to 104,170
Annual income of $21,440 to $35,500
Annual income of $35,500 to $56,970
Annual income of $56,970 to $97,370
Annual income of $23,520 to $39,770
Annual income of $39,770 to $61,590
Annual income of $61,590 to $103,320
Annual income of $26,620 to $44,590
Annual income of $44,590 to $66,980
Annual income of $66,980 to $115,540
Annual income of $21,910 to $40,440
Annual income of $40,440 to $63,230
Annual income of $63,230 to $94,400
Annual income of $26,880 to $46,230
Annual income of $46,230 to $73,810
Annual income of $73,810 to $123,200
Annual income of $24,730 to $44,050
Annual income of $44,050 to $67,170
Annual income of $67,170 to 105,420
Annual income of $26,290 to $46,760
Annual income of $46,760 to $70,350
Annual income of $70,350 to $114,730
Annual income of $26,250 to $45,170
Annual income of $45,170 to $70,960
Annual income of $70,960 to $113,640
Annual income of $21,190 to $37,570
Annual income of $37,570 to $56,160
Annual income of $56,160 to $94,350
Annual income of $19,370 to $37,010
Annual income of $37,010 to $56,260
Annual income of $56,260 to $92,600
Annual income of $24,390 to $41,650
Annual income of $41,650 to $64,580
Annual income of $64,580 to $106,240
Annual income of $28,070 to $50,520
Annual income of $50,520 to $76,590
Annual income of $76,590 to $131,540
Annual income of $26,060 to $48,770
Annual income of $48,770 to $83,450
Annual income of $83,450 to $143,650
Annual income of $23,560 to $43,890
Annual income of $43,890 to $68,950
Annual income of $68,950 to $111,100
Annual income of $29,880 to $49,840
Annual income of $49,840 to $76,450
Annual income of $76,450 to $123,840
Annual income of $18,800 to $32,700
Annual income of $32,700 to $51,900
Annual income of $51,900 to $90,950
Annual income of $22,100 to $40,660
Annual income of $40,660 to $62,990
Annual income of $62,990 to $102,860
Annual income of $21,150 to $37,440
Annual income of $37,440 to $57,670
Annual income of $57,670 to $95,310
Annual income of $27,420 to $45,430
Annual income of $45,430 to $73,300
Annual income of $73,300 to $109,940
Annual income of $23,670 to $42,020
Annual income of $42,020 to $64,880
Annual income of $64,880 to $106,790
Annual income of $34,100 to $54,170
Annual income of $54,170 to $83,420
Annual income of $83,420 to $137,880
Annual income of $26,830 to $50,100
Annual income of $50,100 to $79,890
Annual income of $79,890 to $142,290
Annual income of $19,660 to $37,330
Annual income of $37,330 to $58,460
Annual income of $58,460 to $96,480
Annual income of $24,130 to $40,700
Annual income of $40,700 to $67,910
Annual income of $67,910 to $120,560
Annual income of $21,430 to $35,200
Annual income of $35,200 to $60,570
Annual income of $60,570 to $99,930
Annual income of $25,720 to $44,400
Annual income of $44,400 to $75,220
Annual income of $75,220 to $114,110
Annual income of $23,670 to $40,770
Annual income of $40,770 to $62,100
Annual income of $62,100 to $101,530
Annual income of $19,720 to $33,930
Annual income of $33,930 to $53,650
Annual income of $53,650 to $86,630
Annual income of $24,530 to $43,490
Annual income of $43,490 to $69,990
Annual income of $69,990 to $114,800
Annual income of $23,900 to $43,500
Annual income of $43,500 to $67,910
Annual income of $67,910 to $111,490
Annual income of $23,020 to $40,070
Annual income of $40,070 to $69,480
Annual income of $69,480 to $119,940
Annual income of $22,570 to $38,530
Annual income of $38,530 to $59,210
Annual income of $59,210 to $96,780
Annual income of $24,520 to $40,350
Annual income of $40,350 to $63,320
Annual income of $63,320 to $103,740
Annual income of $21,440 to $38,430
Annual income of $38,430 to $59,540
Annual income of $59,540 to $94,970
Annual income of $23,580 to $39,270
Annual income of $39,270 to $63,130
Annual income of $63,130 to $106,930
Annual income of $27,110 to $47,210
Annual income of $47,210 to $76,020
Annual income of $76,020 to $120,000
Annual income of $27,140 to $47,210
Annual income of $47,210 to $70,470
Annual income of $70,470 to $114,080
Annual income of $23,840 to $43,260
Annual income of $43,260 to $71,390
Annual income of $71,390 to $127,030
Annual income of $27,910 to $49,180
Annual income of $49,180 to $79,230
Annual income of $79,230 to $128,680
Annual income of $19,820 to $33,770
Annual income of $33,770 to $52,420
Annual income of $52,420 to $86,410
Annual income of $24,150 to $44,950
Annual income of $44,950 to $70,040
Annual income of $70,040 to $109,610
Annual income of $26,740 to $42,610
Annual income of $42,610 to $70,350
Annual income of $70,350 to $109,270
Don’t miss: One simple question will tell you if you’re actually wealthy
Like this story? Like CNBC Make It on Facebook!
