Nov 13, 2017

Analysis finds House bill tax changes larger for the wealthy

The House bill's tax changes are higher for the wealthy. Photo: J. Scott Applewhite/AP

Almost half of net federal tax cuts under the committee-passed House tax bill would go to the top 1 percent of earners by 2027, although all income groups would see an average tax decrease under the bill, according to an analysis by the Tax Policy Center. The House plans to vote on the bill this week.

Be smart: You're going to hear different narratives over and over again this week. Democrats are going to say this bill is a giveaway to the wealthy, Republicans are going to say everyone is better off under the plan, and conservative wonks are going to (quietly) argue that cutting taxes on the wealthy and businesses is the way to boost the economy, benefiting everyone.

The impact:

While taxes on net decrease under the bill for each income group, some people's taxes will go up and some will go down within each income group. In 2027, at least 24 percent of taxpayers would pay higher taxes.

  • Lowest quintile: pays $10 less in federal taxes
  • Second quintile: pays $50 less in federal taxes
  • Middle quintile: pays $360 less in federal taxes
  • Fourth quintile: pays $840 less in federal taxes
  • Top quintile: pays $4,590 less in federal taxes
  • Top 1 percent: pays $62,300 less in federal taxes
  • Top .1 percent: pays $320,640 less in federal taxes

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World coronavirus updates: Italy becomes 2nd country to exceed 100,000 cases

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens and confirmed plus presumptive cases from the CDC

Spain and Italy extended lockdown deadlines on Monday, as Italy became the second country in the world to surpass 100,000 confirmed coronavirus cases.

The big picture: COVID-19 cases surged past 755,000 and the death toll topped 36,000 by Monday, per Johns Hopkins data. Italy reported more than 11,500 total deaths.

Go deeperArrowUpdated 10 mins ago - Health

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 1 p.m. ET: 745,308 — Total deaths: 35,307 — Total recoveries: 156,875.
  2. U.S.: Leads the world in confirmed cases. Total confirmed cases as of 1 p.m. ET: 143,672 — Total deaths: 2,575 — Total recoveries: 4,865.
  3. Federal government latest: The White House will extend its social distancing guidelines until April 30 — Hospital ship the USNS Comfort arrives in Manhattan.
  4. Business latest: Macy's will furlough the majority of it's workers this week, as the chain's stores remain closed.
  5. World updates: Spain and Italy extend lockdown deadlines while Italy becomes second country to surpass 100,000 confirmed cases.
  6. 🎧 Podcast: Living with the coronavirus
  7. What should I do? Answers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk
  8. Other resources: CDC on how to avoid the virus, what to do if you get it.

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U.S. coronavirus updates: Majority of governors order residents to stay home

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Andrew Witherspoon/Axios

At least 29 state governors have ordered their residents to stay home to promote social distancing and limit community spread from the coronavirus pandemic as the U.S. copes with more than 144,000 positive cases — more than any other country in the world, per Johns Hopkins data.

The big picture: COVID-19 killed over 2,500 people in the U.S. by Monday. That's far fewer than in Italy, where over 10,700 people have died — accounting for a third of the global death toll. The number of people who've recovered from the virus in the U.S. exceeded 4,800.

Go deeperArrowUpdated 37 mins ago - Health