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Here's how the Senate tax bill affects people

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12/9/2017 7:46:02 PM
Posted: 10 months ago
the Senate Budget Committee approved the Senate Republican Tax Plan, clearing the way for the bill's consideration later this week.

The bill would cut the corporate tax rate from 35 percent to 20 percent, but many Americans remain unsure about how the tax plan will impact them personally.

One reason for the ambiguity is that the Senate tax plan has several major differences from the plan that passed in the House earlier this month, and it's difficult to predict just how much spending cuts will impact individuals.

But on Sunday, the bi-partisan Congressional Budget Office (CBO) released a report that calculates the exact impact, positive or negative, that the Senate tax plan would have on taxpayers. Their figures consider how individuals' tax bills will change, as well as how the benefits and services they currently receive " like Medicare and Medicaid " will be adjusted.

The following chart uses CBO data analyzed by PBS NewsHour to represent how the Senate tax plan would impact "tax units" " either a family or an individual taxpayer " across varying income brackets.

What do you think about this?