GOP Tax Plan Is Just a Giveaway To The Rich

The GOP announced its much ballyhooed tax plan this week.  In their talking points, they referred to Americans earning $450,000 a year as “middle-income” — even though that income level would put those taxpayers in the top 0.05% of all individual Americans.  FYI-- the median household income in the United States is $59,039.

Now that the GOP's outrageous "tax reform" bill has been digested by tax experts, it is becoming clearer how the bill benefits the wealthy and screws over the average American.  As written, the bill:
Cuts in HALF the mortgage interest deduction, one of the most popular deductions  used by Americans

Eliminates the inheritance tax, which will benefit the wealthy;

Slashes the corporate income tax rate nearly in half, which benefits corporations, not regular folks like you and me;

Eliminates the alternative minimum tax, which benefits the wealthy;

Kills the state and local income tax deduction, which is used by most every single American;

Ends student loan deductions, which makes it harder for young Americans who are starting off in their professional lives;

Ends the deduction for medical expenses-- making life tougher for folks dealing with health issues;

Eliminates tax credits for elderly and disabled Americans;

Gets rid of tax credits for adoption services;

Eliminates deductions for rare-disease research-- hope you're enjoying muscular dystrophy and cystic fibrosis!

Keeps the carried-interest loophole, which was exploited by equity managers, venture capitalists and real estate partners (like Trump) to avoid paying their fair share of taxes.  (Trump had promised during the campaign to get rid of that loophole, but by now we all know that a bullshitter like Trump can't be relied upon to keep his promises.)

Most people now think that this tax plan is just a giveaway to the wealthy.

And it's beginning to look like most folks aren't buying the GOP boast that the tax plan will help the economy either.    Nearly 60 percent of people believe corporations won't use their tax windfall to create jobs, according to a CBS poll.

The National Federation of Independent Business said the bill “does not help most small businesses.”

The National Association of Home Builders, noting that about one-third of the homes in California alone would suddenly be stripped of the mortgage interest deduction, went to far as to speculate that the bill will “potentially cause housing recessions.”