Penelope
Diamond Member
- Jul 15, 2014
- 60,265
- 15,804
- 2,210
for the wealthy. Like a tease to get re-elected in 2018 and again in 2020 and then it's too late, all downhill from then on, with cuts to all social programs which are kicking in already and will enhance after the bill passes and gets signed into law. If you think the Pubs are going to raise the min wage or corps are going to raise wages, they will not ; if they can offer cost share on health ins (even if doubling what you pay- since the ACA and Medicaid will be defunded), and also most GOP states now are right to work, means an end to unions and prevailing wages. Sneaky!
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The report shows that this bill is much like a teaser rate on a new credit card: there are some goodies in the first couple of years, but those disappear fairly quickly, at least for those below the median income. In 2019, the first full year that this bill would be law, the benefits are concentrated on the bottom of the income stream, with middle-class people, on average, paying just under ten per cent less in taxes than they would if the law weren’t passed.
With each passing year the benefits shift upward, toward the rich. By 2021, those making between twenty thousand and thirty thousand dollars a year are paying considerably more in taxes, those between thirty thousand and two hundred thousand see their benefit shrinking, and those making more start to see their taxes falling.
The Shocking Math of the Republican Tax Plan
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The report shows that this bill is much like a teaser rate on a new credit card: there are some goodies in the first couple of years, but those disappear fairly quickly, at least for those below the median income. In 2019, the first full year that this bill would be law, the benefits are concentrated on the bottom of the income stream, with middle-class people, on average, paying just under ten per cent less in taxes than they would if the law weren’t passed.
With each passing year the benefits shift upward, toward the rich. By 2021, those making between twenty thousand and thirty thousand dollars a year are paying considerably more in taxes, those between thirty thousand and two hundred thousand see their benefit shrinking, and those making more start to see their taxes falling.
The Shocking Math of the Republican Tax Plan