The GOP Plan Is the Biggest Tax Increase in American History, By Far
The tax bill moving its way through Congress is routinely referred to as a $1.5 trillion tax cut. And, in some ways, that’s true: on net, it would reduce the amount of taxes collected by the federal treasury by about $1.5 trillion over 10 years.
But that figure masks the eye-popping scale and audacity of the GOP’s rushed restructuring of the economy. Most immediately, the plan will take a large chunk out of state and local revenue that isn’t factored into that total. But more broadly, the bill cuts taxes by a full $6 trillion over a decade.
Senate Majority Leader Mitch McConnell, R-Ky., said Friday afternoon Senate Republicans have the votes to pass the plan, which gets referred to as only a $1.5 trillion cut because it raises $4.5 trillion in taxes elsewhere. But the key question is who gets a tax hike and who gets a tax cut. Put simply, the bulk of the tax cut is going toward the rich, while the tax increases go to everybody else.
And so the bill, properly described, is two things: the largest tax cut — and also the biggest tax increase — in American history.
https://theintercept.com/2017/12/01/the-gop-plan-is-the-biggest-tax-increase-in-american-history-by-far/
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