This is mainly left wing nutter nonsense, but even if it was a tax cut for the "rich" how does it hurt middle income workers ?
According to the preliminary report, in 2018 the top one percent of taxpayers — those making more than $730,000 — would receive 22 percent of the total cuts, or an average tax cut of $37,000. Middle income families (those making between about $48,000 and $86,000) would receive an average tax cut of $700 next year.
Across the board, tax cuts in the bill would increase overall after-tax income by 1.5 percent next year, the report found, although it notes that the greatest benefits would go to would go to those with higher incomes.
Some taxpayers, however, would pay more under the plan, a fact that has dogged Trump administration officials since they began the push for tax reform earlier this year. The new TPC analysis found that 12 percent of taxpayers would pay more in taxes next year.
By 2027, the number of taxpayers who would pay more jumps to 28 percent, or nearly one in three households. This is due to a combination of factors, including the expiration of a proposed $300 family credit and the way certain credits are indexed for inflation.
The Republican backed bill would accrue even more benefits to the top one percent of taxpayers in 2027 than it would in 2018, the report found: As much as 50 percent of the total tax benefits, or an average increase in after-tax income of 2.2 percent.
Also not to mention of talk to reduce you property tax and mortgage tax credit also to reduce your pre-tax deposit of $18000 into 401k to only $2000.00
Republicans need to raise about 2 Trillion to pay for these tax cuts...gets who they will siphon it from
Oh one other thing...they will also provide tax exemption to Golf Course owners....Do you know anyone in the White house who owns golf courses?
House Republicans argue that the JCT analysis undercounts the benefits to the middle class.
“The purpose of tax reform isn’t just to lower taxes for struggling families – it’s also to make our economy boom again,” said the Republican-led House Ways and Means Committee in a statement Saturday. “Unfortunately, JCT’s analysis omits the economic effects of tax reform in their distributional tables. This means that the JCT analysis misses the bigger picture.”
So Essentially another failed attempt at supply side economic....38 after it was introduced and 38 years of consecutive failure of supply side economics...Republican Plan...Hey, I have a new Idea...Lets try the supply side economic agian!
This one trick pony has been dead for 38 years, let it rest in peace.
Diving Mullah