Jared Bernstein, the former economic adviser to Vice President Biden, laid out three big myths that Republicans are trying to sell about their tax cuts for the rich.
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Bernstein said on MSNBC, “I think there are three. The first and we’ve heard way too much of this one, it’s going to hurt the middle class and help the rich, when in fact the opposite is the case. Especially once the plan is fully phased in we know that more than 80% of the benefits go to the top 1% whose average income is about $3.5 million, so they’re not middle class. The top 1% gets twice the benefits of those in the middle when the plan starts. So those who say it may not look great at its full phase-in but it’s okay from the start, that’s inaccurate, too. The second myth, and again you’ve touched on this and it’s really important, this is the idea the bill doesn’t just pay for itself but according to Steve Mnuchin in the U.S. Treasury it pays for itself. And then the final myth is that this bill is somehow a simplification of the tax code. That may be true for some folks at the lower end. For folks at the high end this is a full employment bill for tax lawyers. There are so many new loopholes they’ve opened up. The complexity here has really been amplified.”
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It is all a web of lies designed to fool people who are getting nothing into thinking that they are getting something, while those who already have the most will get 83% of the benefits from this tax cut.
Republicans are selling an economic delusion that they are using to justify their deficit hypocrisy. The entire GOP rationale for their tax cuts is built on a foundation of lies, and they are hoping that by tossing a few crumbs your way, you won’t catch on to what is really happening.
Jason is the managing editor. He is also a White House Press Pool and a Congressional correspondent for PoliticusUSA. Jason has a Bachelor’s Degree in Political Science. His graduate work focused on public policy, with a specialization in social reform movements.
Awards and Professional Memberships
Member of the Society of Professional Journalists and The American Political Science Association
