CBO: Poor Americans to Lose Billions of Dollars Under GOP Fake Tax Reform
As I’ve noted the GOP tax reform bill isn’t tax reform. To be tax reform it has to be deficit neutral and this explodes the deficit to the tune of $1.5 trillion dollars. But aren’t the GOPers deficit hawks? Sure-when there’s a Democrat in the WH.
The deficit under Obama never got as high as $1.5 trillion
To the extent that the GOP attempts to pay for their steep tax cuts for the wealth and the corporations they cut the ‘loopholes’ for the nonrich: state and local deduction, the mortgage interest deduction, the student loan deduction.
Anyone and everyone not rich is fair game to pay for these tax cuts for the rich. But none of the ‘loopholes’ that benefit rich guys like Trump are going to be phased out.
The CBO has a report and it’s not pretty.
“Poor Americans would lose billions of dollars worth of federal benefits under the Senate GOP tax bill, according to a new Congressional Budget Office report.”
“This is largely because the legislation would eliminate the individual mandate, which requires nearly all Americans to get health insurance or pay a penalty. This would result in 13 million fewer people having coverage in 2027, the CBO found.”
“While it’s called tax reform despite not being tax reform what it should be called is an ACA repeal bill. It’s not enough that 9 million kids are about to lose their Chip benefits. Now 13 million are set to lose their healthcare under this fake GOP tax reform scheme.”
“Many of the folks who would forgo coverage would have lower or moderate incomes and would have qualified for Medicaid or federal help paying their premiums or out-of-pocket health expenses, CBO found.”
“Those earning less than $40,000 a year would be worse off in 2025, when the bill’s provisions would mostly be in effect, according to the report released Sunday. On the flip side, those with higher incomes would enjoy tax breaks.”
Here is the (in)famous CBO report on the numbers:
The Senate Republican tax plan gives substantial tax cuts and benefits to Americans earning more than $100,000 a year, while the nation’s poorest would be hurt more than originally thought, according to a new report released by the CBO. https://t.co/5d3jyy4bti
— Kyle Griffin (@kylegriffin1) November 27, 2017
Back to CNN:
“The Senate legislation would make multiple changes to the tax code, but the vast majority of individual tax cuts would expire after 2025. These include changing the rates on individual tax brackets, nearly doubling the standard deduction, eliminating personal exemptions, expanding the child tax credit and repealing the state and local tax deduction.”
“In 2027, after the individual income tax provisions expire, more middle class Americans will get hit, the CBO found. Only those earning more than $75,000 will see their federal tax levy drop.”
Yes, these are very tough numbers. Somebody making up to $30,000 will see their taxes go up by almost $17,000 dollars in 2027.
I mean by 2019 someone making $14 an hour sees their taxes go up.
There’s never been such a monstrosity masquerading as a tax bill before. Yes, W’s tax bill was bad but not THIS bad as W thought it enough to cut the taxes of the nonrich just not as much as the rich. This raises the taxes of the nonrich outrageously.
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