Wow. House Republicans have really outdone themselves here. Their tax plan is nothing but a wealth redistribution scheme in which almost half of middle-class families will eventually be strapped with higher taxes, all so corporations can get a permanent windfall in tax cuts. The New York Times writes:
Nearly half of all middle-class families would pay more in taxes in 2026 than they would under current rules if the proposed House tax bill became law, and about one-third would pay more in 2018, according to a New York Times analysis, a striking finding for a bill promoted as a middle-class tax cut.
President Trump and congressional Republicans have pitched the plan unveiled last week as a tax cut for most Americans. But millions of middle-class families — particularly those with children — would see an immediate tax increase, averaging about $2,000. Among the hardest-hit under the plan would be some of the most vulnerable taxpayers: those with huge out-of-pocket medical expenses.
By 2026, 45 percent of middle-class families would pay more than what they would under the existing tax system.
The largest and most permanent tax cut is going to corporations. Real people will be paying for that largesse, and you may very well be one of them.
As for wealthy Americans, they get off scot-free.
Households with annual incomes over $1 million would see their after-tax incomes increase by 3.2 percent, 16 times the percentage increase for any income group in the bottom half of the income distribution. . . . (The disparity in average tax cuts measured in dollars would be even larger.)
And the mega-rich (meaning multi-millionaires) will do even better than that.