Republicans move from ripping away affordable healthcare to tax breaks for the wealthy
According to a new report from the nonpartisan Tax Policy Center, the Republican tax cuts amount to a massive tax cut for the wealthiest few Americans.
“With full control of Washington, establishment Republicans’ top two priorities are ripping affordable healthcare away from hardworking Americans and cutting taxes for the wealthiest one percent,” said DCCC Spokesman Tyler Law. “There’s simply no room for Speaker Paul Ryan and House Republicans to spin this heartless tax plan as anything other than a handout to the rich at the expense of the middle-class.”
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GOP tax plan would provide major gains for richest 1 percent and uneven benefits for the middle class, report says
Washington Post
https://www.washingtonpost.com/news/wonk/wp/2017/09/29/gop-tax-plan-would-provide-major-gains-for-richest-1-percent-and-uneven-benefits-for-the-middle-class-report-says/?hpid=hp_no-name_no-name%3Apage%2Fbreaking-news-bar&tid=a_breakingnews&utm_term=.3cbe514ff4c2
The Republican tax plan would deliver a major benefit to the top 1 percent of Americans, according to a new analysis by a leading group of nonpartisan tax experts that challenges the White House’s portrayal of its effects.
The plan delivers far more modest tax cuts to most other households — an average cut of $1,700 to households in 2027. But the results would be unevenly spread, with one in four households paying more in taxes.
Despite repeated promises from Republican lawmakers that the plan is designed to provide relief to the middle class, nearly 30 percent of taxpayers with incomes between $50,000 and $150,000 would see a tax increase, according to the study by the Urban-Brookings Tax Policy Center.
The majority of households that made between $150,000 and $300,000 would see a tax increase.
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Meanwhile, 80 percent of the tax benefits would accrue to those in the top 1 percent. Households making more than about $900,000 a year would see their taxes drop by more than $200,000 on average.
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The analysis also found the plan would provide disproportionately large benefits for businesses compared to what the middle class and low-income Americans would receive.
“A major feature is tax collections would shift dramatically, from businesses to individuals,” said Eric Toder, a co-director of the Tax Policy Center.