The GOP tax heist: Looting 50 percent of Americans to line the pockets of the top 1 percent

Tuesday Nov 21, 2017

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10:15 AM PST

2017/11/21

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10:15

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The more daylight the GOP’s tax plan sees, the more it stinks to high heaven. The takeaway from the latest analysis of the Senate bill shows that it will actually raise taxes on about one-half of Americans when all is said and done. The Washington Post writes:

Here is the key takeaway from the new analysis, which is the work of the Tax Policy Center: By 2027, around 50 percent of taxpayers will see a tax hike. The whole purpose of this tax increase is to make it possible for Senate Republicans to pass a tax cut that overwhelmingly benefits the very wealthiest taxpayers — on party lines, without any Democrats.

What the Senate tax bill does is frontload the benefits to middle- and low-income Americans, shrinking them steadily over time until they entirely disappear and, in most cases, are replaced by a hike. Check out what happens by 2027, once the Senate plan is fully implemented: Most low- and middle-income Americans will see a tax increase, but fully 83 percent of the top 1 percent and 98 percent of the top .1 percent will get a cut.

“By 2027, all that’s really left is a big corporate tax cut,” [Tax Policy Center researcher Joseph] Rosenberg told me. “This primarily benefits high-income people — people with a lot of capital income — shareholders, people who have capital gains dividends, and people who have interest income.”

The whole point of zeroing out the tax cuts for lower-income groups, resulting in a tax hike for so many people, is to fund the continued corporate tax cuts, so they don’t add to the deficit in the long run, allowing Republicans to pass the bill via a simple majority vote.

That’s the “big, beautiful Christmas present” Donald Trump has promised to deliver to the American people. 

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