A Quick Quiz

According to the staff of the Joint Committee on Taxation, before the recent change in the tax law, taxpayers earning more than $1 million a year were scheduled to pay 19.3 percent of all federal taxes in 2019. What impact does the new tax law have on this percentage?

(a) It falls to 17.8 percent.

(b) It falls to 18.7 percent.

(c) It stays the same.

(d) It rises to 19.8 percent.

Find the answer here. (First table, seventh column, penultimate row.)