Senate tax plan's winners and losers
CNBC screen on the floor of the New York Stock Exchange. Photo: Richard Drew / AP
Winners, per AP's Marcy Gordon, beginning with a big win for wealthy individuals and their heirs:
- Corporations win all around, with a tax rate slashed from 35% to 20% in both bills — though they'd have to wait a year for it under the Senate measure.
- U.S. oil companies with foreign operations would pay reduced taxes under the Senate bill on their income from sales of oil and natural gas abroad.
- Beer, wine and liquor producers would reap tax reductions under the Senate measure.
- Companies that provide management services like maintenance for aircraft.
- An estimated 13 million Americans could lose health insurance coverage under the Senate bill, which would repeal the "Obamacare" requirement that everyone in the U.S. have health insurance.
- People living in high-tax states would be hit by repeal of federal deductions for state and local taxes under the Senate bill, and partial repeal under the House measure. That's the result of a compromise allowing the deduction of up to $10,000 in property taxes.
- Many families making less than $30,000 a year would face tax increases starting in 2021 under the Senate bill, according to Congress' nonpartisan Joint Committee on Taxation. By 2027, families earning less than $75,000 would see their tax bills rise, while those making more would enjoy reductions.