Nov 6, 2017

Some middle-income households would pay more under GOP tax plan

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Data: Tax Policy Center; Chart: Chris Canipe / Axios

Under the tax plan proposed by the House last week, one in six middle-income households would end up paying higher income taxes next year, with one-third paying higher taxes by 2027, according to analysis by the nonpartisan Tax Policy Center. While the average cut is $1,100, wealthier people generally get larger cuts, even as a percentage of their income.

Why it matters: President Trump and Republicans have promised across-the-board tax cuts, and have sold the plan as a raise for middle-income and working class families. This data could make that a harder sell.

Update: The Tax Policy Center now says it made an error in its report and its calculations will be revised.

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Warren on economists criticizing her wealth tax: "They're just wrong"

Sen. Elizabeth Warren said at the Democratic debate Thursday that economists who claim her wealth tax proposal would stifle growth and investment are "just wrong."

Why it matters: Warren's riff on the wealth tax, in which she emphasized how "a two cent tax" on fortunes of $50 million and above, has become a core part of her stump speech.

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Private equity firms fear a Democrat topping Trump in 2020

Illustration: Aïda Amer/Axios

Private equity firms will rush the exits if they believe that a Democrat is likely to defeat President Trump, investors tell me.

The state of play: Each of the four leading Democratic candidates have pledged to eliminate beneficial tax treatment for capital gains among top earners.

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Household income stagnates as home prices soar

Data: Census Bureau; Chart: Andrew Witherspoon/Axios

Despite a robust economy and low unemployment, household income hasn't changed much in the past 20 years.

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