Tax Policy Center to revise estimates on GOP tax plan

The Tax Policy Center said it is revising its earlier analysis of the House Republican tax proposal,  blaming an error in calculating the child tax credit.

The group had earlier said the Republican tax plan would on average reduce taxes for all income groups next year, but within 10 years nearly 30 percent of taxpayers would see taxes rise. 

The nonpartisan research group, which has been blasted as biased by Republicans but is generally well respected, released its report as the House Ways and Means Committee began marking up the bill, which seeks to cut corporate tax rates from 35 percent to 20 percent and makes across-the-board cuts to individual tax rates.

{mosads}The majority of deductions eliminated, however, come on the individual side of the tax code. Among the breaks eliminated include the state and local income tax deduction, breaks for medical expenses, the deduction of student loan interest and adoption expenses. 

The group said it would soon be issuing a new report as soon as possible.

This post has been updated.