Here Is The Full Breakdown That Exposes What The Tax Plan Means For The Middle Class

People are out there on T.V. telling mistruths.

That’s an actual quote from Paul Ryan who spoke to reporters on Tuesday about the tax plan he’s trying to ram through Congress in order to help shore up the GOP’s flagging reputation among the electorate.

As a reminder, between gridlock in Washington, Trump’s abysmal poll numbers, and the Roy Moore boondoggle, 50% of registered voters now say they would prefer a Democratic-controlled Congress vs 39% who want Republicans in charge.

As NBC notes, “the last time Democrats held both a double-digit lead in the polling series and hit 50% on the congressional preference question was in September 2008, right before the party won the White House and picked up a substantial number of House and Senate seats.”

preference

Not to put too fine a point on it, but the tax bill isn’t helping. Paul Ryan, Donald Trump, Steve Mnuchin, and on down the line, are lying to American families. Plain and simple.

The new Tax Policy Center analysis of the bill is unequivocal. Here’s how NPR puts it in their quick breakdown of the full analysis (which is embedded below),

In 2018, the Republican tax overhaul would give all of these income groups a tax cut, on average. But both by percentages and total dollars, the benefits would be far greater for higher-income households. Households making $1 million or more per year would get an average tax cut of $69,660, a 3.3 percent boost in after-tax income.

Taxes

By 2027, the farce is complete. To wit, again from NPR:

In 2027, the Republican tax overhaul would raise taxes on 53 percent of households. Still, as in 2018, both by percentages and total dollars, the benefits would be far greater for higher-income households. Households making $1 million or more per year would get an average tax cut of $23,190, a 0.9 percent boost in after-tax income.

Taxes2

By 2027, lower-income Americans will quite literally be paying for the tax cuts that are making the rich richer. It’s just that simple. “The groups who see a tax hike in 2027 are heavily concentrated in the lower-income quintiles,” WaPo notes on Tuesday, citing the same analysis, before detailing the stark reality as follows:

By contrast, more than three quarters of the top 1 percent get a tax cut — an average tax cut of nearly $40,000. And more than 90 percent of the top 0.1 percent get a tax cut — an average tax cut of more than $200,000.

By 2027, households bringing in more than $1 million (the top 0.6% of filers) will be getting 81.8% of the benefits from the GOP tax bill that is being forced down America’s throat as we write these lines. Here’s the Tax Policy Center reinforcing that point:

2027

On average, taxes would be little changed for taxpayers in the bottom 95 percent of the income distribution. Taxpayers in the bottom two quintiles of the income distribution would face an average tax increase of 0.1 percent of after-tax income; taxpayers in the middle income quintile would see no material change on average; and taxpayers in the 95th to 99th income percentiles would receive an average tax cut of 0.2 percent of after-tax income. Taxpayers in the top 1 percent of the income distribution would receive an average tax cut of 0.9 percent of after-tax income, accounting for 83 percent of the total benefit for that year.

This is a complete, and total joke. This is going to go down as one of the biggest lies ever sold to America by Republicans. And It is made all the more egregious by Donald Trump’s tweets and the things he says at his rallies.

Trump’s advisers have undoubtedly told him that his base isn’t likely to read the analysis of this bill. They’ve also likely told him that even if they do read it, they will believe anything he says before they’ll believe the numbers as long as he continues to insist that everything is a smear campaign and that any news which reflects poorly on him is “fake.”

Meanwhile, the Trump family is expected to benefit from the plan to the tune of roughly $1.1 billion – with a “b”.

That, even as these headlines continue to hit the wires:

  • TRUMP SAYS HIS TAX PLAN `NOT GOOD FOR ME, BELIEVE ME

As for Paul Ryan, he also told reporters the following on Tuesday:

The results [of the plan] are going to make this popular.

Again: “believe me.”

 

Full analysis from the TPC…

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5 thoughts on “Here Is The Full Breakdown That Exposes What The Tax Plan Means For The Middle Class

  1. The Grand Oil Party excels at tax cuts. Always has, always will. It’s the air they breathe and it’s not surprising that wealth distribution to the top 10% began in 1980 with the coming of Saint Reagan

  2. WSJ headline reporting JCT analysis: “Middle Class to Get 23% of Tax Cuts for Individuals Under GOP Bill” … the story …”Middle-income households will get $61 billion in tax cuts in 2019 under the Republican tax plan poised for passage this week, according to an analysis released late Monday by Congress’s Joint Committee on Taxation. That amounts to 23% of the tax cuts …”

    According to the Tax Policy Institute the share of Federal Income Tax borne by the top quintile (above $147,700 household income) was 84.2% …

    Let’s see … 23% of benefits > 15.7% of income tax burden … hmmm

    Assuming the top quintile of households are not included in “Middle Class” it appears, the middle class benefits disproportionately … and that the argument the middle class does not benefit from the recent tax legislation is a canard …

  3. Consider the ages and money making holdings of ALL congressional operatives.
    Guess who is pontificating and who will suddenly benefit from THEIR rethuglican vote buying…
    just saying.

  4. Pingback: ‘Capitalist Suicide’: What’s Wrong With This Chart? - Biiwii.com

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