Taxes

“51 GOP senators voted to slash Medicaid by $1Trillion, Medicare by $500Billion, and other working family priorities just so the 1% can get their big tax cuts.” More …

“Nearly 80 percent of its tax cut benefits would accrue to the highest-earning one percent of the public.”  More …

“The bottom line—tiny benefits for ordinary people, huge benefits for the rich—is pretty normal for Republican tax plans. What’s astonishing, I guess, is how far up the income scale you have to go before you leave the “ordinary person” category. If you make less than $300,000, you get a tiny pittance—less than a thousand dollars. Even folks who make $700,000 don’t get much: less than a 2 percentage point change, which works out to about $7,000.”  More …

“U.S. Treasury Secretary Steven Mnuchin on Sunday said one of the top goals of the Trump administration’s tax plan is to help the middle class, but he could not guarantee that every middle-class family would receive a tax cut.”  More …

“White House economic adviser Gary Cohn said a ‘typical’ American family making about $100,000 would get a tax break of about $1,000. [Editor’s Note: typical American family earns $59,000.] ‘If we allow a family to keep another $1,000 of their income, what does that mean?’ he asked. ‘They can renovate their kitchen. They can buy a new car. They can take a family vacation. They can increase their lifestyle.'” [Editor’s Note: Where are new cars sold for $1000?]   Billionaires out of touch with the real world.  More …

“The ‘Big Six’ Republican tax framework announced today specifies large tax cuts aimed at profitable corporations and wealthy households while offering only vague promises for lower- and middle-income working families.  It closely follows many aspects of the House GOP’s ‘Better Way’ plan released last year, which was heavily tilted to those high on the income scale.  Like that plan, the new framework offers little for working families with modest incomes compared to what it would do for those at the top.”   More …

“About 30 percent of those earning between $50,000 and $150,000 would pay more under the Republican plan, according to the nonpartisan Tax Policy Center.”  More …

Failure to pay for tax cuts by closing tax loopholes may put Social Security, Medicare, Medicaid and Education on the Chopping Block  More …