This analysis was updated on October 27, 2017 to incorporate dynamic scoring results.
The Tax Policy Center has produced preliminary estimates of the potential impact of proposals included in the “Unified Framework for Fixing Our Broken Tax Code.” We find they would reduce federal revenue by $2.4 trillion over ten years and $3.2 trillion over the second decade (not including any dynamic feedback). Including economic feedback, revenue would fall by between $2.4 trillion and $2.5 trillion over the first ten years and by about $3.4 trillion over the second decade. In 2018, all income groups would see their average taxes fall, but some taxpayers in each group would face tax increases. Those with the very highest incomes would receive the biggest tax cuts. The tax cuts overall are smaller as a percentage of income in 2027, and taxpayers in the 80th to 95th income percentiles would, on average, experience a tax increase.