How to fix a $3 billion tax bill – and how to avoid it

A tax bill will likely come in at around $2 billion, according to a new analysis. 

The Tax Foundation’s annual analysis found that the $3.4 trillion tax bill is about what it was in 2020, when the Trump administration released its tax plan.

The Trump tax plan had a whopping $1.3 trillion in tax cuts and $2.9 trillion in cuts to individual and corporate taxes.

However, the Tax Foundation estimated that the tax cuts will be about $1 trillion less in 2019 and $1 billion less in 2020 than the original Trump plan. 

So what happened?

The Tax Foundation found that tax rates in 2019, for instance, would be slightly higher than what they would have been in 2020. 

However, the biggest reason for the drop in tax revenue in 2019 is that tax cuts are now fully offset by cuts to domestic programs. 

This means that tax revenues would be lower in 2020 and 2019 if all other factors were the same as they are now. 

For example, the number of Americans earning more than $1 million in 2019 would have increased by 2.5 million compared to 2020.

However the number would have decreased by 6 million if the number at the bottom of the income scale had grown by 1.6 million. 

In 2018, there were about 12.5million households earning less than $10,000. 

That means that the Trump tax cut would have lowered the average tax rate by just $1,921.

However if the average rate were at current levels, it would have raised taxes by $2,721 on the average family of four. 

When it comes to the tax bill, the Trump plan would have cut taxes for the richest Americans.

For instance, if a $200,000 family of three earned $1million, their tax bill would have dropped to $1-million.

However they would still pay about $2 million more than they would had they not received the tax cut. 

To read the full report, click here.