Subscribe to Axios Markets for the latest on the trade war's impact.


Who pays federal taxes, by income

The House Ways and Means Committee is expected to release its tax bill on Thursday — after being delayed a day — and it's sure to come under fire from Democrats for being a boon to the wealthy. While the merits of who wins and who loses under the plan can be debated, the fact of the matter is that the wealthy pay a larger proportion of federal taxes — so any tax cut will almost certainly benefit the wealthy.

What to watch: Whether the tax bill also relieves the tax burden on the middle and lower class, and by how much.

Data: Tax Policy Center; Note: Income brackets defined by expanded tax income in 2017 dollars, including both filing and non-filing units but excluding those that are dependents of other tax units; Chart: Andrew Witherspoon / Axios

Editor's Note: Sign up for Axios newsletters to get our Smart Brevity delivered to your inbox every morning.