Most Americans think that the Trump/Republican tax bill passed last December was a bad idea, and a new report from the Joint Committee on Taxation shows why.
The report was released on Monday and it should come as no surprise that the Joint Committee found that most of the law’s tax breaks go to the super-rich.
The new report says that 44% of the benefits of one of the tax bill’s biggest new breaks will go to business owners with incomes of $1 million or more, and this tax cut for the super-rich will cost taxpayers $40.2 billion this year.
Note that we are talking here about people who have annual INCOMES in excess of $1 million. Each year. These people are indeed “super-rich.” Rich enough to buy Congressmen.
When we have children who are malnourished and thousands of people are dying because they can’t afford medical care, why is it that Congress decided that people with incomes over a million dollars a year are in need of more money from the U.S. government? This is a shocking and incredible example of how the current Republican-led government works to benefit the richest people in our country, and how everybody else is paying for it.
The money now going to the super-rich is being financed by government debt which will have to be paid back by average Americans in the future. Republicans have truly mortgaged America’s future in order to steal cash now to build up their foreign bank accounts.
The chief number cruncher for the Senate Budget Committee, Bobby Kogan, confirmed that the Republican tax bill favors the super-rich.
New report from @jctgov detailing the pass-through deduction on business income from the Republican tax bill. SURPRISE: it helps the rich! (h/t @davidckamin & @Brendan_Duke)https://t.co/hsoGi9Q3ZG pic.twitter.com/kESxHRpD5B
— Bobby Kogan (@BBKogan) April 23, 2018
He further calculated the benefits of the pass-through tax law change and found that households with annual incomes over $100,000 per year will receive 92% of the benefits.
Households making over $100,000 get 92 percent of the benefit of this brand new Republican policy. pic.twitter.com/Sb52Rfe7qH
— Bobby Kogan (@BBKogan) April 23, 2018
These charts and numbers will come as no surprise to the majority of American voters who know that our deficit is exploding and most of the tax cuts are for rich Republicans.
Not a single Democrat in Congress voted for the Trump/Republican tax bill last year. The GOP thinks they can fool voters into supporting them this fall by lying to them and telling them they will receive some great tax cuts, but most people aren’t that dumb.
Democrats are getting traction on the campaign trail by bashing the tax law, and they expect it to help them in November. This misguided tax bill is just one more reason why we need a new party in charge of our government in Washington, and we need it now.
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