Afternoon Round up: GOP Tax Reform Framework
The reviews are in for the GOP’s tax reform framework, and they can’t be what they wanted. Instead of perpetuating the Republican myth that middle class Americans will benefit under their framework, reports expose it for harming those families while benefitting the wealthiest. Even Trump Economic Advisor Gary Cohn admitted on Good Morning America that he couldn’t guarantee taxes wouldn’t go up for middle class families, saying: “There's an exception to every rule… I can't guarantee anything… it depends which state you live in.”
Here’s more on the reaction to the GOP framework:
NBC: GOP Rhetoric on New Tax Plan Doesn’t Match Reality
The Washington Post: 9 ways Trump’s tax plan is a gift to the rich, including himself
Washington Examiner: Three missing details from Republican tax plan should raise alarms for families
USA Today: Trump's tax plan could actually benefit wealthy people like him
Here’s more on the reaction to the GOP framework:
NBC: GOP Rhetoric on New Tax Plan Doesn’t Match Reality
“Much like they did in the health care debate — More people will be insured! Pre-existing protections won’t be touched! Your premiums will go down! — Republicans are making promises about their tax plan that they won’t be able to keep, according to the details released Wednesday.”
“Claim #1: The wealthy don’t benefit under the plan…In fact, the estate tax repeal and the top rate declining from 39.6 percent to 35 percent all benefit the wealthy.”
“Claim #3: Everyone’s taxes will decrease: ‘Every American at every income level – especially the poor and middle class – keeps more of what they earn,’ House Ways and Means Chairman Kevin Brady, R-Texas, said.… but as [Benjy] Sarlin writes, taxes for middle-class and upper-middle class families could go UP in the GOP plan. ‘The most controversial deduction that's gone is for state and local taxes, which would disproportionately affect filers in states with higher taxes like New York, New Jersey and California. The deduction provides the most benefit to upper-middle-class and wealthy income filers, who could see their taxes go up as a result under the Trump/GOP plan.’”
“Claim #1: The wealthy don’t benefit under the plan…In fact, the estate tax repeal and the top rate declining from 39.6 percent to 35 percent all benefit the wealthy.”
“Claim #3: Everyone’s taxes will decrease: ‘Every American at every income level – especially the poor and middle class – keeps more of what they earn,’ House Ways and Means Chairman Kevin Brady, R-Texas, said.… but as [Benjy] Sarlin writes, taxes for middle-class and upper-middle class families could go UP in the GOP plan. ‘The most controversial deduction that's gone is for state and local taxes, which would disproportionately affect filers in states with higher taxes like New York, New Jersey and California. The deduction provides the most benefit to upper-middle-class and wealthy income filers, who could see their taxes go up as a result under the Trump/GOP plan.’”
The Washington Post: 9 ways Trump’s tax plan is a gift to the rich, including himself
“President Trump and congressional Republicans keep saying their tax plan doesn't help the rich. But that's not true.”
“The nine-page outline released Wednesday is full of goodies that will make millionaires and billionaires happy. Republicans say it's a starting point, but it would have to be turned on its head to be anything other than a windfall for the wealthy.”
“The nine-page outline released Wednesday is full of goodies that will make millionaires and billionaires happy. Republicans say it's a starting point, but it would have to be turned on its head to be anything other than a windfall for the wealthy.”
Washington Examiner: Three missing details from Republican tax plan should raise alarms for families
“The latest Republican tax reform framework has some positive attributes -- particularly how it offers a simpler tax code with fewer brackets. But three key missing details should raise alarms about how it would affect the tax burden placed on families. More than eight months into the term of President Trump, Republicans still haven't released a detailed tax plan. Instead, what they released on Wednesday was yet another outline.”
“In a Wednesday speech, Trump himself tried to pitch the framework in populist terms, as a big tax cut for middle-class families. But in reality, any relief the bill gives to the middle-class is limited by the fact that the bill also calls for large corporate tax rate cuts.”
“In a Wednesday speech, Trump himself tried to pitch the framework in populist terms, as a big tax cut for middle-class families. But in reality, any relief the bill gives to the middle-class is limited by the fact that the bill also calls for large corporate tax rate cuts.”
USA Today: Trump's tax plan could actually benefit wealthy people like him
“President Trump is making one thing clear about his plan to cut taxes: It won't be a windfall for the richest Americans, including him…. A lot would have to change before that's true.”