The reality behind the Republican tax cut bill is that rich people get a massive tax cut, while everyone else will be stuck paying for it.
Here’s how the Republican tax cut bill really works (via The New York Times), “Economists and tax experts are overwhelmingly skeptical that the bills in the House and Senate can generate meaningful job growth and economic expansion. Many view the legislation not as a product of genuine deliberation, but as a transfer of wealth to corporations and affluent individuals — both generous purveyors of campaign contributions. By 2027, people making $40,000 to $50,000 would pay a combined $5.3 billion more in taxes, while the group earning $1 million or more would get a $5.8 billion cut, according to the Joint Committee on Taxation and the Congressional Budget Office.”
The Republican tax cut bill isn’t a tax reform. It is an upward redistribution of wealth that will worsen economic inequality and make it difficult for state and local governments to muster the resources needed to help their own people. Trump and the Republicans are paying for this tax cut by raising taxes on the middle and working classes of this country. The tax cut should be titled The Middle-Class Elimination Act because there will be no middle class left if this bill becomes law.
The United States will become a nation of even more extreme income inequality where there will only be a handful of rich people at the top, and a large class of poor people below. Unless you are a millionaire or a corporation, there is no tax cut coming your way.
If Trump and the GOP have their way, their tax plan will give birth to a level of poverty that hasn’t been seen in the United States since the Great Depression.