Multiple Washington, DC think tanks believe all Americans will see their tax burdens lowered because of the GOP tax bill. Tax Foundation says a married couple making around $50,000 will see their taxes drop 8% with TaxPlanCalculator.com saying they'd save almost $1,400. Tax Policy Center agrees taxes will go down, but didn't provide specifics. TaxPlanCalculator.com says a single person making $50,000 per year would see taxes drop over $1,100.
The bill was passed Wednesday. The tax cuts do expire in 2025, unless Congress decides to extend them.
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