A Middle-Class Tax Cut? It Depends Who and Where You Are

A Middle-Class Tax Cut? It Depends Who and Where You Are
The Senate version keeps most of the provisions of the House bill
that would have helped middle-class families, such as the doubling of the standard deduction, and would make others, such as the child tax credit, more generous.
But some economists said the bill would most likely be better for the middle class on average than the House bill.
The Senate bill would go further by also eliminating the deduction for state and local property taxes.
Both the evolving House bill and the emerging Senate plan would slash taxes for businesses and many wealthy individuals.
Both bills would eliminate the deduction for state and local income and sales taxes — not a big deal in low-tax states such as Florida and Texas,
but a potentially huge difference for many taxpayers in high-tax California and New York.
It would also preserve some tax breaks that the House bill initially would have eliminated, including
a deduction for medical expenses and a tax credit for families who adopt children.
Most analysts agreed that the tax bill would cut taxes for the middle class on average, but would raise them on millions of families.