New Report: GOP’s Latest Tax Bill Is A Sneaky Bait & Switch Plan To Rip-Off Low Income Workers
Nonpartisan Joint Committee On Taxation Releases Damning Estimate Of GOP Senate Tax Bill
Since Republicans began discussions of tax cuts for the wealthy, they have tried to sell their plan as good for all income groups. A new estimate from the Joint Committee on Taxation, however, completely shatters that fantastical rhetoric.
In fact, the nonpartisan group shows taxes would rise by double-digits for those making between $10,000 and $30,000 by 2021 under the Senate proposal. Those workers making between $20,000 and $30,000 would see their taxes go up by a whopping 13.3 percent just four years from now.
Workers making between $10,000 and $20,000 would also see an increase, while all other income groups would get cuts by that point. The largest estimated cut by 2021 would go to those making between $500,000 and $1,000,000. That group gets an 8.5 percent cut, while those making over one million dollars receive a 4.2 percent cut.
By 2027 when the individual tax cuts are set to expire, the estimate is even worse for the working class. All groups making under $75,000 would see a tax increase and all groups making more than that are projected to see a tax cut, on average.
Once again, the hardest hit group would be those making between $20,000 and $30,000. A decade from now, those workers would see a staggering average tax increase of 25.4 percent.
The highest tax cut goes to the wealthiest, according to the JTC report. Those making over $1,000,000 receive an average cut of 0.7 percent by 2027.
The Republicans in the Senate recently changed their bill to make tax cuts for corporations permanent, while sun-setting cuts for individuals. This is an element of debunked trickle-down economics that suffered an incredibly embarrassing moment for the Donald Trump administration in recent days, disproving what Republicans are trying to sell.
Gary Cohn, Trump’s Director of the National Economic Council, was in a room of CEOs when they were asked if they would invest their generous corporate tax cuts back in their companies, a.k.a. raise workers wages. Nearly none raised their hands, and the ones that did were rather reluctant.
1. Tax-overhaul backers say corporate rate cut will encourage investment by businesses
2. During #wsjceocouncil interview with Gary Cohn, WSJ asks CEOs to raise hands if they'll boost investment if rates cut
3. Few CEOS raise hands
4. Cohn asks: "Why aren't the other hands up?" pic.twitter.com/5PI60NlW0A
— Tim Hanrahan (@TimJHanrahan) November 14, 2017
Cohn tried to laugh it off, but the damage was clearly done and he knew it.
Republicans have tried to sell their plan as good for all, but it’s clear this is just good for the wealthy and even hurts many of Donald Trump’s core supporters. And considering the abysmal approval ratings the bill is seeing from the public, most aren’t falling for their false rhetoric.
Featured image via Drew Angerer/Getty Images.
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