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No, we're not raising taxes on lower earners, Cohn and Ryan say

Source: cnbc.com - Sep 28, 2017

Critics have hit the Republican tax plan for raising the bottom tax rate, effectively creating a tax for the poor. The proposal's chief architects, though, say that's not the right way to look at it.

White House economic advisor Gary Cohn said lower-income fillers actually will receive a tax cut due to a doubling of the standard deduction that most workers can take.

That will offset what appears to be a raise in the bottom tax bracket from 10 percent to 12 percent, he said.

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Category: General Business