Make less than $50,000 a year? Republicans want you to pay for the millionaires' tax cuts

Daily Kos Staff

Monday November 20, 2017 · 7:05 AM PST

2017/11/20 · 07:05

WASHINGTON, DC - MARCH 27: Ivanka Trump, daughter of U.S. President Donald Trump, speaks as President Trump, left, listens during a meeting with women small business owners in the Roosevelt Room of the White House on March 27, 2017 in Washington, D.C. Investors on Monday further unwound trades initiated in November resting on the idea that the election of Trump and a Republican Congress meant smooth passage of an agenda that featured business-friendly tax cuts and regulatory changes. (Photo by Andrew Harrer-Pool/Getty Images) — Ivanka will be making out just fine in this plan.

If you add up all of the things that go with repealing the individual mandate in the Affordable Care Act, as Senate Republicans are planning to do in their tax bill that gives massive cuts to the rich, the middle class gets really screwed. The Roosevelt Institute’s Michael Linden did that, taking the numbers from the CBO, and determined just how regressive the cuts would be.

HOLY MOLY!! New CBO report finds that the sneak attack on health care in the GOP tax bill will ***hammer*** households making less than $50,000 a year. Absolutely hammer them. pic.twitter.com/rUPrgrLVhz
— Michael Linden (@MichaelSLinden) November 18, 2017

This is the ripple effect of the reducing federal spending and cutting wealthy people’s and corporate taxes. Add it all up, and the bill would reduce federal spending, or raise taxes, on households with incomes below $40,000. It combines spending cuts and tax hikes on these households by almost $36 billion. Those with incomes between $10,000 and $20,000 are particular targets.

It’s not just taking health insurance away from 13 million people—it’s a massive redistribution of taxes. It hikes them for people making below $40,000 and gives an average of $36,000 to households making more than $1 million. It’s obscene.

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