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Keith Wilson
11-06-2017, 12:11 PM
Lower taxes for the rich, first, last, always, and forever. The details of the tax plan are out. Are you surprised? All of the unpleasant details can be found here. (https://itep.org/housetaxplan/)

Jonathan Chait this morning.

The Richest One Percent of America Gets Half the Trump Tax Cuts
By Jonathan Chait

When analysts calculated, a month ago, that the preliminary framework of the Republican tax plan would overwhelmingly benefit the rich, Republicans insisted these were vicious lies, because the details on the proposal had not yet been finalized. Number-crunchers were “claiming to be clairvoyant about details of the Republican reform ‘framework’ that haven’t been proposed,” huffed the Wall Street Journal editorial page. House Ways and Means Committee chairman Kevin Brady complained that any calculations relied on “a variety of overreaching and unrealistic assumptions about policy decisions members of Congress still have to make.”

Well, now the House GOP has filled in all the missing details, and the result … would overwhelmingly benefit the rich. An analysis by the Institute on Taxation and Economic Policy, a left-leaning think tank whose calculations are broadly respected, finds that the highest-earning one percent of households would receive nearly half the direct benefit of the tax cuts. Specifically, the richest one percent, who earn 22 percent of all income, and pay 36 percent of all federal taxes, would get 48 percent of the Republican tax cuts.

As a percentage of their income, the very affluent would gain far more than anybody else:

https://pixel.nymag.com/imgs/daily/intelligencer/2017/11/06/06-tax-cut.nocrop.w710.h2147483647.png


Republicans think it’s both more fair and more efficient to change the tax code so rich people pay less. But there isn’t a legitimate factual debate about whether this is a first-order effect of their plan. It simply is.

CWSmith
11-06-2017, 12:13 PM
What percentage of Republican politicians do you think actually believe in trickle-down economics?

Keith Wilson
11-06-2017, 12:15 PM
'Trickle-down economics' as in 'cutting taxes on the wealthy will actually benefit everybody eventually'? A few, not many. Cutting taxes for the rich is the entire point of the party, the only thing they can all agree on, and everything else is just distraction for the rubes. (Source (https://itep.org/housetaxplan/))

http://itep.org/wp-content/uploads/housetaxplan-slide-2-1024x576.jpg

http://itep.org/wp-content/uploads/USSlide3-1024x576.gif

http://itep.org/wp-content/uploads/housetaxplan-slide-6-1024x576.jpg

Paul Pless
11-06-2017, 12:16 PM
The Central Principle of the Republican Partydouchebaggeryism?

CWSmith
11-06-2017, 12:22 PM
'Trickle-down economics' as in 'cutting taxes on the wealthy will actually benefit everybody eventually'? A few, not many. Cutting taxes for the rich is the entire point of the party, the only thing they can all agree on, and everything else is just distraction for the rubes. (Source (https://itep.org/housetaxplan/))


Well, they can't just say "The rich have it tough." and expect to get elected. So they either claim voodoo economics or they hide what they are doing behind small to nothing tax cuts on the working class.

Durnik
11-06-2017, 12:54 PM
Too specific, Keith. Try - "Hurt the other guy.. any way you can".

Keith Wilson
11-06-2017, 12:59 PM
Too specific, Keith. Try - "Hurt the other guy.. any way you can".Nah, that's too malevolent. Hurting people is only a side-effect, not the intent, at least in most cases. Health care policy may be an exception.

moTthediesel
11-06-2017, 01:26 PM
Simplified to a one word answer: GREED.

Too Little Time
11-06-2017, 01:42 PM
Considering that the top 20% get 80% of the benefits of tax deductions and only about 68% of this tax cut ...

The tax cut is still poor policy.