You can’t make this stuff up.
After getting slammed for releasing a tax bill that increases taxes on middle-class families, you would think Republicans would re-evaluate the bill and make changes to improve its impact on the middle class. Nope. Instead, they’re arguing amongst themselves over whether 80% of the $1.5 trillion tax cut is enough for the wealthiest 1% of Americans. Here’s a look at a letter from Club for Growth wanting even bigger tax cuts for the wealthy and an end to the estate tax now - making clear this effort is all about giving massive tax cuts to the wealthy:
“Republicans must correct at least four serious shortcomings of the House bill to follow through on campaign promises and to bring our nation closer to a tax reform proposal that is truly pro-growth.
“[M]illionaires’ tax rate…. Instead of following through with the promise of taking seven brackets and simplifying them to three, Speaker Ryan and Chairman Brady added in a fourth bracket exclusively for millionaires.”
“As The Wall Street Journal noted, some individuals and couples could face up to 45.6 percent marginal rate on earnings between $1.2-1.6 million. That’s a real tax increase on successful people who invest and create jobs.”
“Instead of taking this golden opportunity to rid Americans from being taxed even after they’ve died – on assets that they already paid taxes on when living – the House Republican plan waits a full six years before repealing it. Our question is, why wait?”
“All in all, this bill must be changed if Republicans intend to keep their promise of real pro-growth, job-creating tax cuts.”
“[M]illionaires’ tax rate…. Instead of following through with the promise of taking seven brackets and simplifying them to three, Speaker Ryan and Chairman Brady added in a fourth bracket exclusively for millionaires.”
“As The Wall Street Journal noted, some individuals and couples could face up to 45.6 percent marginal rate on earnings between $1.2-1.6 million. That’s a real tax increase on successful people who invest and create jobs.”
“Instead of taking this golden opportunity to rid Americans from being taxed even after they’ve died – on assets that they already paid taxes on when living – the House Republican plan waits a full six years before repealing it. Our question is, why wait?”
“All in all, this bill must be changed if Republicans intend to keep their promise of real pro-growth, job-creating tax cuts.”