How GOP tax plans would reward rich families — Count the ways
- Autor: Gilberto Valderrama Dic 09, 2017,
Dic 09, 2017, 21:51
These myths result from ignorance of its content and its economic and political effects. The middle class will supposedly gain. Rallo says the delegation has kept in touch with university leaders and has heard their concerns.
After the Trump and GOP legislative victory last week, tax reform in the United States is under way. As this provision bites, these Democratic strongholds will come under increasing pressure to cut their budgets. Additionally, each version of the bill offers tax cuts for businesses as well as individuals. Nobody now knows where he or she stands. Bob Corker of Tennessee and Jeff Flake of Arizona, concerned about adding more red ink to the deficit.
The general consensus among everyone who has read this giant paperweight of a bill agrees that the big winners of this tax plan are those that are already in the top 10% and an absolute early Christmas gift for the top 1% of the American wealth pyramid.
"We urge the two chambers to pass meaningful tax reform legislation and send it to the President's desk", the letter said. Those tax credits, readers may recall, were extended at the end of 2015 in exchange for a lifting of the decades-old ban on crude oil exports.
Both the Senate and House plans would reduce taxes on companies whose profits double as the owners' personal income. The tax code was only simplified by eliminating benefits for average taxpayers. About the only big federal means-tested programs left are Medicaid and the Temporary Assistance for Needy Families program.
As for longer-term impacts, the GOP plan would cut billions of dollars in incentives for the biggest new source of sustainable high-wage employment in the world - clean energy - just as China and the rest of the world are making massive investments.
"The tax bill will ultimately lead to cuts in programs that are integral to the well-being of all Americans, especially children and their families, senior citizens, disabled Americans, students, and low- and middle-income working families", the NAACP said in a statement. The alliance between Trump and congressional Republicans is sometimes an uneasy one, but it's based on mutual self-interest.
A more obscure provision-the Base Erosion Anti-Abuse Tax (BEAT)-would be scrapped under the Senate bill.
If merely having a bill was more important than what it contained, they will have succeeded. That bill, much like today's, was sold on the basis that tax cuts pay for themselves. The Republicans purposely designed this bill to explode the deficit. They eventually joined fellow Republicans to scuttle the Democratic proposal. With more work and input from Democrats, they could potentially be incredible for the American economy.
The chances of laws swinging wildly back and forth with the change of parties should encourage cooperation and moderation. That exemption does not, however, explicitly include repos or securities lending transactions. One thing is for certain - The Senate's 2 a.m. mistake is going to be a vicious hangover the American people are going to have to endure.
"If this bill passes as drafted, major financial institutions would no longer participate in tax equity financing, which is the principal mechanism for monetizing credits", Wetstone pointed out. That was real, revenue-neutral tax reform. It is not. However, there have been numerous errors, omissions, and revisionist politics at play regarding this bill.
Democracy? No, this is insanity.
In the event that you're hoping Ryan is alone in his crusade to crush health care and welfare programs, ThinkProgress points to fellow Republicans who are also talking openly about the next steps.
Oil and gas, on the other hand, would emerge unscathed. Again, this is not easy to spot. Whether it succeeds in cutting taxes or in creating jobs won't be known for at least a year. Stock prices have climbed in part on the likelihood that corporate tax rates will be slashed to 20 percent from 35 percent.