The report shows that Americans earning $75,000 a year or less will pay more in taxes in 2027.
Tax increases for households earning from $10,000 to $30,000 will start in 2021. By 2027, most Americans earning $75,000 a year or less will pay more in taxes, while people earning more than $100,000 a year will continue to pay less.
The TCJA reformed family benefits by doubling the standard deduction to $12,000 ($24,000 for married couples filing jointly), eliminating the deduction for personal exemptions, and increasing the generosity of the Child Tax Credit from $1,000 to $2,000, while capping its refundability at $1,400.
Child Tax Credit was expanded to high-income taxpayers by increasing income at which it begins to phase out from $75,000 ($110,000 married filing jointly) to $200,000 ($400,000 for married couples filing jointly). The TCJA also created a nonrefundable $500 credit for non-child dependents.