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Average family income to increase by 2.2% under tax plan

Stock image Digital Money
Posted at 6:00 AM, Jan 25, 2018
and last updated 2018-01-26 04:45:51-05

SARASOTA COUNTY, FL (WWSB) - Most middle class Americans are expected to feel the effects of the new G.O.P. tax plan. The biggest tax cuts will impact higher-income groups.

The Tax Policy Center found the average American family would get a tax cut of $1,610 to bring up the average household income by 2.2%. Middle class families will see an average of an additional $30 per week.

"The economy is going to continue to grow, but I think it will grow even more on fire because of the tax bill," said Sarasota County Republican State Committeeman Christian Ziegler.

It also found it is not as beneficial in the long term, and found taxes would increase for 5% of Americans this year, and 53% would pay more in 2027. 

"If anything, some of these new tax rates given their income might actually be paying more," explained Dr. Michael Snipes, Economics Professor at University of South Florida Sarasota-Manatee.