2. The tax hike in 2023
What a difference a week makes. On November 6, Paul Ryan told Fox News that “everyone enjoys a tax cut across the board” with his plan. When fact-checkers at The Washington Post asked him to clarify, Ryan’s spokeswoman said the Speaker “misspoke.” Considering how many people will see their taxes go up because of the GOP plan, it was quite a misstatement.
Congress’s Joint Committee on Taxation showed taxes going up for over 10 million Americans by 2023. When the law kicked into gear in 2019, everyone would see a tax cut. Then, four years later, those earning between $20,000 and $40,000 would see their taxes go up again. However, if you earn over $1 million, don’t worry — your taxes will go down every year over the next decade.
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