Tag: tax cuts for the rich

Big, Beautiful Tax Plan Now Costs $4 Trillion

Buck Banks

$3.94 trillion

“House Republicans’ tax package is now expected to cost nearly $4 trillion, thanks in part to a last-minute deal to further increase a cap on state and local tax deductions,” Politico reports. “The legislation approved last week by the House is now anticipated to cost $3.94 trillion over the next decade, the official Joint Committee on Taxation said.”

Trumponomics Watch: Tax Cuts for the Rich Covered by Cuts to Medicaid, Food Stamps

Pensito Editors


“President-elect Donald Trump’s economic advisers and congressional Republicans have begun preliminary discussions about making significant changes to Medicaid, food stamps and other federal safety net programs to offset the enormous cost of extending Trump’s 2017 tax cuts next year,” the Washington Post reports.

“Among the options under discussion by GOP lawmakers and aides are new work requirements and spending caps for the programs.”

“However, concern is high among some Republicans about the political downsides of such cuts, which would affect programs that provide support for at least 70 million low-income Americans, and some people familiar with the talks stressed that discussions are preliminary.”

Shocker: Trickle-Down Economics Doesn’t Work

Buck Banks

50

Bloomberg: “Tax cuts for rich people breed inequality without providing much of a boon to anyone else, according to a study of the advanced world that could add to the case for the wealthy to bear more of the cost of the coronavirus pandemic. … The paper, by David Hope of the London School of Economics and Julian Limberg of King’s College London, found that such measures over the last 50 years only really benefited the individuals who were directly affected, and did little to promote jobs or growth.”

Half Expect Their Taxes Will Increase Under Current GOP Plan

Buck Banks

47% to 26%

A new Monmouth poll finds Americans disapprove of the tax reform plan currently making its way through Congress by a nearly 2-to-1 margin, 47% to 26%. It is worth noting that strong disapproval (35%) of the proposal far outweighs strong approval (13%). Key finding: “Half the public believe their own taxes would go up under this plan and a plurality would like to see Congress scrap the current effort and start fresh in 2018.”

GOP Tax Plan Would Raise Taxes for Many Working-Class Americans

Buck Banks

12%

“House Republicans’ tax bill would increase taxes for 12 percent of Americans next year, according to a new report from the nonpartisan Tax Policy Center. By 2027, at least 28 percent of Americans would see their taxes rise, the report says. Many of those taking a hit would be people who make less than $48,000 a year,” the Washington Post reports.