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Opinion
Justin Fox

A Tax Cut for Business and Not for People

If you're going to give corporations a big tax cut, you have to sell it better than this.
Try again.

Try again.

Photographer: Chip Somodevilla/Getty Images

The rate cuts, deduction removals and other changes to the individual income tax code envisioned in the Tax Cuts and Jobs Act that the House Ways and Means Committee begins considering this week add up to a reduction in taxes of $516.7 billion over the next five years and $848 billion over the next 10 years, according to Congress's Joint Committee on Taxation.

The rate cuts, deduction removals and other changes to the corporate income tax code, meanwhile, add up to $559.9 billion over the next five years and $846.5 billion over the next 10 years. So it's about a 50-50 split between people and corporations. That sounds fair, right?