President Donald Trump is pitching the Republican tax-cut plan as aimed primarily at helping middle-class Americans, but the biggest beneficiaries of cuts in the individual tax rates are in the wealthiest income brackets.
A study from Congress's own think tank provides some of the most recent evidence of this. The nonpartisan Congressional Research Service concluded that under the Senate plan, Americans making between $500,000 and $1 million a year would see the biggest percentage increases in their after-tax income.
By contrast, the CRS found that taxpayers making less than $30,000 would see their after-tax income decline as soon as 2021.
Such analyses haven't altered the Republican campaign to promote the tax cuts.
"Our focus is on helping the folks who work in the mailrooms and machine shops of America, the plumbers and the carpenters, the cops and the teachers, the truck drivers and the pipe fitters," Trump says in excerpts of a speech he's set to deliver Wednesday afternoon in Missouri. "It is not enough for the middle class to keep getting by -- we want them to start getting ahead."
The good news is, Trump's tax package has some key differences from Bush's. The bad news is, Trump's is vastly worse. The Center on Budget and Policy Priorities published a new report this week that found that 27% the Bush tax cuts, when fully implemented, benefited the wealthiest 1% of Americans. For the Trump tax cuts, it's 62% of the benefits that go the richest of the rich more than double Bush's policy.The GOP is cutting revenues during times of record profits and cash holdings for the 1%, knowing full well inflation, red ink and recession will follow. And then they'll blame the worsening imbalances on federal entitlement programs the working classes have funded and need for their own meager survival.
These people should be run from government en mass.
And then they'll blame the worsening imbalances on federal entitlement programs
Rubio has already stated as much before the tax cuts have passed.
Corker promised to put in an amendment to reverse the cuts if the deficit is driven up by them, but has failed to do so. My opinion is that his promise was nothing more than standard GOP --------.
"Corker says that since GOP leaders and the administration decided to proceed without waiting for Congress's budget scorekeepers to come up with estimates about the bill's wide-ranging economic impacts, some kind of mechanism was needed to provide him a comfort level that the bill won't do more harm than good to the debt."
What? The GOP cramming a bill down our throats? Unheard of after all the crying they did over the cramming down our throats of ACA after 13 months of hearings.
Of course the GOP didn't want the CBO to score the bill, it come up much much worse than has be previously reported.
The GOP is cutting revenues during times of record profits and cash holdings for the 1%, knowing full well inflation, red ink and recession will follow.
And despite taking all the credit now for the economy doing so well, it'll magically be Obama's fault when their actual policy tanks the economy.
And the idiots here will gleefully parrot the talking points.
"...despite taking all the credit now for the economy doing so well"
Who looks at the system that brought full employment and a record stock market and says "let's fix that"? And then puts in a provision where, if their moves cause a recession, taxes go UP during a downturn?
Idiots, one and all.
This is a done deal. McCain just announced he'll support the bill. This nation is so ****** we won't even recognize what's left in the near future.
And it just shows the disingenuousness of McCain's cries about 'regular order'. This abomination is the furthest thing possible from regular order: No meaningful hearings, rush to pass without accurate scoring, and universal agreement amongst corporations that their windfall will not be used to boost worker's pay, and will instead be used for dividends and to buy back stock.
With each passing day it's becoming clearer and clearer that what used to be this nation ended on November 9th 2016. I don't know what the hell we are at the moment, but there has never been a more intentionally clear screwing of the general public ever as there will be if this tax bill is implemented.
Because the way to deal with full employment, a record stock market, and record wealth inequality is to --- with the first two, and exacerbate the third.
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