Ten More Ways the House Republican Tax Scam Gives to the Wealthy, at the Expense of Everyone Else
Originally published Nov 9, 2017; updated Nov 15, 2017
The nonpartisan Tax Policy Center provided a preliminary distributional analysis of the House Republican tax plan, as reported by the House Ways and Means Committee. Like the tax framework released a few weeks ago, the results are alarming. The wealthy get a huge tax cut, and many middle-class families actually see a tax increase.
This is a huge tax cut for the wealthy
- Nearly half of the tax cut goes to just the top one percent (2027).
- The average tax cut for the top one percent is $62,000 a year (2027).
- The average annual tax cut for those earning $1 million a year is $68,000 (2027).
- The average tax cut for the top one-tenth of one percent is $320,000 a year (2027).
- Nearly 25 percent of the tax cut goes to households in just the top one-tenth of one percent, who make at least $5 million a year (2027).
This is not a middle-class tax cut, and many working families will see their taxes go up
- 13 million households face a tax increase next year.
- 45 million households face a tax increase in 2027.
- 21 percent of households earning less than $100,000 a year see a tax increase. That is nearly 29 million households (2027).
- The average family with children that earns less than $100,000 a year faces a tax increase (2027).
- The total value of tax cuts for just the top one percent is more than the entire tax cut for the lower 95 percent of earners (2027). Those earning more than $912,000 a year will get more in tax cuts than 180 million households combined.
The Republican Tax Scam is just step one of the GOP’s three-step plan to give to the rich and make American families pay for it :
- Step 1 : Cut taxes for the rich, and claim that economic growth will pay for it.
- Step 2 : Pretend to be shocked when the deficit explodes; insist that the only way to fix it is through more spending cuts.
- Step 3 : Cut important benefits for American families, like Medicare, Social Security, and education assistance, while doing nothing to make millionaires pay their fair share.