The foundation found that, under the Senate plan, the bottom 80 percent of taxpayers would initially keep 1.1 to 1.9 percent more of their income. America's wealthiest – the one-percenters – would initially keep about 7.5 percent more of their money because of cuts to the corporate tax rate, as well as the income tax rate.
By 2027, things change for the bottom 80 percent of taxpayers. The foundation estimates they'll keep just 0.3 to 0.4 percent more. The top 1 percent, however, would keep 4.5 percent more compared to today's rates.
The TPC has a similar analysis. The center says that in 2019, the Senate plan would cut taxes by an average of $900 for taxpayers earning between $50,000 and $87,000 a year. The average tax cut for the top 1 percent would be $34,000.
The House bill similarly phases-out deductions for lower-income Americans, said Joe Rosenberg, senior research associate for the TPC. In the House bill, for example, "there's a $300 child and family credit that expires after five years at the end of 2022. That would be for a family of four, that would be a $1,200 tax credit," Rosenberg said.
By 2027, the analysis says those middle-income taxpayers would get cuts of less than 0.1 percent while the average "one-percenters" would still enjoy taxes that are 1.4 percent lower than they are right now.