Over at NPR, they’ve put together some simple to understand graphs showing how the proposed GOP tax robbery will affect the finances of Americans. Using data and analysis from the Tax Policy Center, the Republican tax cuts for the wealthiest Americans to Americans living in poverty symbolize one very American tradition—it’s good to be the king. Republicans will throw out an average over the next few hours and days that says on average, American households will receive $1,610 this coming year. Yeehaw!
However, extremes make averages, and the benefits would be much larger for richer households. A household earning $1 million or more would get an average cut of $69,660, an income bump of 3.3 percent. Compare that to the average household earning $50,000 to $75,000, which would get a tax cut of $870, or 1.6 percent.
Boo. But never fear, if you feel like those numbers while terrible aren’t the worst you’ve seen, the GOP tax plan will make sure to slowly choke America to death over the coming years. In order to the Republican Party to achieve something resembling a budget, they have made sure to not-so-slowly get rid of the carrots they have been dangling in front of their base’s faces—like increases in the child tax credit and standard deductions. That will all end, just in time for whomever the Democratic president is in 2025 to get an earful of GOP bullshit artists to scream and cry about our crashed economy. But, never fear—if you’ve been making more than $1 million over the next few years, you’ll be just fine.
Put another way, in 2018, households earning $1 million or more — or, 0.4 percent of all tax filers — would be getting 16.5 percent of the total benefit from the bill.
In 2027, households earning $1 million or more — 0.6 percent of all filers — would be getting 81.8 percent of the total benefit, even though their average tax break would shrink by about $26,000 over that 10-year period.
This tax bill is the kind of policy that leads humans to pick up pitch forks and torches and throw landowners into oceans. The only “walls” Trump’s Republican administration will be building is around their gated communities.