Here is some updated data and analysis of the GOP Tax Bill. It is tilted more towards the rich than we think and its true cost (to our children) is much higher than claimed by the GOP.
Here are tax cut numbers for 2019. All income brackets, on average, get a tax cut. Nice. But it is heavily tilted towards upper income brackets.
New JCT estimates of conference agreement: Whether you look at near term or long run, tax bill is extremely regressive.
Would be even more so if look just at change in tax liabilities (as opposed to pre-tax income) and include estate tax effects. 1/4 pic.twitter.com/LJEz8BDVij
In 2019, JCT estimates that average income boost for millionaires is more than 3X that for family earning $40-50K. 2/4 pic.twitter.com/ZWJcvZMA7q
Here are tax cut numbers for 2027. Lower and middle income earners get a haircut, the ultra-rich get a nice tax-cut. And our children are saddled with a 1.5 to 3.0 trillion dollar deficit.
In 2019, JCT estimates that average income boost for millionaires is more than 3X that for family earning $40-50K. 2/4 pic.twitter.com/ZWJcvZMA7q
In 2027, JCT estimates that all income groups earning less than $75,000 are worse off on average under conference agreement. 3/4 pic.twitter.com/Sv6ShIwJBW
The true cost of the bill is masked by sun-setting all sorts of tax changes. If these policies were not sunset and the interest on the extra deficit was taken into account, then the deficit would balloon by 2 trillion dollars, even with dynamic scoring. IMHO, the deficit will be even higher since many of the revenue generators from business tax “reform” will not fully materialize. Also, keep in mind, that the deficit number is in addition to the estimated $10T ten-year deficit under current tax law.
ICYMI: @BudgetHawks estimate of the final tax bill. It contains up to $725 billion worth of gimmicks, enough to increase the bill's cost by almost 50% to $2.2 trillioncrfb.org/blogs/final-ta…
The #CorkerKickback -
The #CorkerKickback is just another example of how the #GOPTaxScam is a Frankenstein’s monster of giveaways to special interests – and a reminder of why @SpeakerRyan & @SenateMajLdr are trying so hard to pass this bill before the public learns even more. goo.gl/nim6GV
Corker defending the #CorkerKickback by attacking Democrats — that’s what Republicans do.
“The real lesson of the kick at Bob Corker is how terrified the left is of a bill that could be a popular tax cut that helps the economy and lifts incomes.” on.wsj.com/2CB58lM
Naked corruption at the highest levels.
NEW REPORT: Here's a detailed list of every Republican senator who stands to be personally enriched by the real-estate provision slipped into the final bill by Sen. Orrin Hatch. It includes Hatch, and 13 other GOP senators. Enjoy. ibtimes.com/political-capi…
GOP Senators who'll make money from their own tax bill:
Bob Corker—TN
Steve Daines—MT
Lamar Alexander—TN
Ron Johnson—WI
Rob Portman—OH
James Risch—ID
Jim Inhofe—OK
John Kennedy—LA
Johnny Isakson—GA
John Barrasso—WY
Luther Strange—AL
Rand Paul—KY
Orrin Hatch—UT
John Hoeven—ND twitter.com/davidsirota/st…
No, the tax-cut for corporations and the ultra-rich does not grow the economy as much as is claimed.
Even the Tax Foundation, which has been hugely (and implausibly) bullish on tax cuts, is now predicting less than 0.2% per year additional growth from the #TaxScam taxfoundation.org/tax-cuts-and-j…
Rage, rage against the Tax heist -
This fight is not over.
Light up the phone lines.
Let's put a STOP to this Republican tax scam:
(888) 654-1854 #NotOnePenny
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