"Facts are the biggest problem for Trump’s tax plan"
ICYMI over the weekend, David Leonhardt breaks down how the GOP tax plan cuts taxes for the wealthy while raising taxes on the middle class. According to Leonhardt, “their plan would deliver an average tax cut of $700,000 to the nation’s 175,000 richest families. That’s enough for each to buy a new 50-foot yacht, annually.” Take a look here:
“…[T]here is also a major difference between the current plan and George W. Bush’s tax cut or Ronald Reagan’s. Trump’s plan would not actually cut taxes for many middle-class families. It would raise them.”
“Ultimately, the plan would be likely to hurt the finances of the vast majority of Americans.”
“[The GOP framework] places the highest priority on huge tax cuts for the very wealthy. They get lower rates and get to keep cherished tax breaks, like the ‘carried interest’ loophole. Herbert Hoover’s Republican Party wanted to put a chicken in every pot. Donald Trump’s wants to put a yacht at every private dock.”
“Having lavished so much money on the wealthy, the tax package — or at least the vague framework that the administration has released — doesn’t have much remaining to spend on middle class and poor families. For them, the package is a mix of pluses and minuses. Many face a lower tax rate, but some face a higher one, and many families lose deductions.”
“Trump and his allies are feverishly trying to claim their plan really would benefit the middle class. Their latest talking point is the notion that corporate tax cuts will create an indirect windfall for workers. Funny, though, how the wealthy get most of the direct benefits, while everyone else has to hope for indirect ones somehow to materialize.”
“The main lesson of this year’s health care battle was the political power of facts. They don’t always win the day, but it’s better to have them as an ally than an enemy. Right now, facts are the biggest problem for Trump’s tax plan.”
“Ultimately, the plan would be likely to hurt the finances of the vast majority of Americans.”
“[The GOP framework] places the highest priority on huge tax cuts for the very wealthy. They get lower rates and get to keep cherished tax breaks, like the ‘carried interest’ loophole. Herbert Hoover’s Republican Party wanted to put a chicken in every pot. Donald Trump’s wants to put a yacht at every private dock.”
“Having lavished so much money on the wealthy, the tax package — or at least the vague framework that the administration has released — doesn’t have much remaining to spend on middle class and poor families. For them, the package is a mix of pluses and minuses. Many face a lower tax rate, but some face a higher one, and many families lose deductions.”
“Trump and his allies are feverishly trying to claim their plan really would benefit the middle class. Their latest talking point is the notion that corporate tax cuts will create an indirect windfall for workers. Funny, though, how the wealthy get most of the direct benefits, while everyone else has to hope for indirect ones somehow to materialize.”
“The main lesson of this year’s health care battle was the political power of facts. They don’t always win the day, but it’s better to have them as an ally than an enemy. Right now, facts are the biggest problem for Trump’s tax plan.”