Distributed via OtherWords
If the Trump-GOP tax plan doesn’t stink, why are they lying about the cost?
House Republicans and Donald Trump are ballyhooing the wonders of their new tax plan. It’s called the “Tax Cuts and Jobs Act,” which we’re told will mean “More Jobs, Fairer Taxes, and Bigger Paychecks.”
Hallelujah! We can see the Promised Land!
But before we pop the champagne corks, let’s double-check the sticker price: $1.5 trillion over the next decade. That’s just shy of $5,000 for every man, woman and child in America. For a nation over $20 trillion in debt, that seems pricey.
But that’s only the beginning. The deeper costs of their tax plan are so large and so obvious that the failure of Republican leaders to disclose them is, for all practical purposes, a lie. Continue reading
I’ve started a petition addressed to Senator Flake regarding the Senate Tax Plan.
I’ll start with the first few paragraphs here, followed by a link to read the rest and sign.
Dear Senator Flake:
Your political beliefs do not line up with those of all your constituents. Many of us disagree with your votes far more often than we agree.
But we all respect you. We’ve always felt your votes, and your words, reflected your principles, not the dictate of some donor or a cynical political calculation.
So we’re not surprised to read that you are taking a hard look at the Senate tax bill and have concerns about its fiscal impact. We salute you for doing so.
As you consider your vote, we urge you to consider what the real cost of this tax plan will be. The sticker price, $1.5 trillion, is huge, but undoubtedly is a gross understatement. Here are a few of the areas you might want to explore on that front:
If you agree with me on this, please post a link to your Facebook page or Twitter feed. Thanks, Bob
Cheerleaders for grand fortune conveniently ignore all context when they trumpet the statistics on the share of federal income taxes that rich people pay.
Is America’s tax code “unfair” to America’s rich? The rich — and our elected leaders who cater to them — desperately want us to believe that deep pockets pay far more in taxes than their “fair share.” And their evidence? One simple stat: The richest 1 percent of Americans currently pay about 40 percent of the income tax revenue the IRS collects.
This same 1 percent collects 20.6 percent of the nation’s income.
For the wealthy and their cheerleaders, case closed. The rich, they argue, are doing the rest of us a favor. They deserve a break. More specifically, they deserve the extravagantly generous break the GOP tax “reform” bills now pending in Congress would if enacted deliver.
But let’s not close this case just yet. Let’s take a moment to contemplate why we have these particular numbers and what they really mean.
Continue reading at Inequality.org
Hey BfAZ readers, I teamed up with my IPS colleague, Sam Pizzigati, for an op-ed piece the editors of the Dallas Morning News placed in their Sunday paper. I can only give you the first few paragraphs here, but you of course can link over to the full piece:
Most of us work for a living. We wait tables or write software. We teach kids or drive buses. We treat patients or lay block. Our income, just about all of it, comes from our work.
But some people — wealthy people — don’t depend on work for their living. They rely on their wealth. The stock they hold pays dividends. The bonds they own pay interest. The assets they sell bring capital gains.
Two different classes of Americans, two different sorts of income. Now which class should pay tax at a higher rate, those who work for a living or those who let their wealth do their work?
Continue Reading at Dallas Morning News
Make no mistake: The Trump-GOP tax plan is a declaration of war on homeowners, homebuilders, realtors, and the mortgage industry. With seven different provisions that will put pressure on home values, it’s hard to imagine that the plan will not cause a crash in the housing market.
Wait, seven separate provisions unfavorable to homeowners? But Trump’s blueprint for tax reform recognized the societal value of home ownership, right?
Well, that blueprint was less than candid. Surprised?
Here are those seven provisions:
Continue reading at Inequality.org
If President Trump has such concern for middle-income Americans, why is he so focused on the one area – federal income taxes – where they’re not getting absolutely clobbered?
Donald Trump has stressed repeatedly how his tax plan is intended above all else to help middle-income Americans.In a television appearance, his assistant Treasury Secretary, Tony Sayegh confirmed this: “There is something that is absolutely certain,” Sayegh said. “And that’s the middle-income hard-working family is the focus of the president’s agenda when it comes to the individual side of tax cuts.”
Well, you can’t get more “middle-income” than the median household income of $57,616. When you do the math, using only the standard deduction, a family of four making $57,616 in 2017 should pay no more than $3,375 and only $1,375 if both children are under 17. Their effective tax rate would be between 2.4% and 5.8%.
Which makes you wonder: If President Trump has such concern for middle-income Americans, why is he so focused on the one area – federal income taxes – where they’re not getting absolutely clobbered.