In an age of unprecedented inequality, Senate Republicans nonetheless discovered the gall to move a tax plan within the early hours of Saturday morning that constitutes an infinite switch of wealth from the poor to the very rich. As The New York Occasions reported on Friday: “By 2027, individuals making $40,000 to $50,000 would pay a mixed $5.three billion extra in taxes, whereas the group incomes $1 million or extra would get a $5.eight billion reduce.”
Whereas the Senate and Home have but to reconcile the variations between their plans—apart from the obvious measures like slashing the company tax price—they’re each stark within the variety of provisions that openly dole out handouts to the extraordinarily rich family and friends of Republican legislators. So what are (some) of the enjoyable methods the GOP tax plan advantages the wealthy and fucks you over?
Serving to extraordinarily rich individuals move down their estates to their undeserving spawn by decreasing or eliminating the property tax, which solely impacts zero.2% of People who’ve belongings that exceeds $5.49 million per individual (and almost $11 million for married ).Serving to fancy mother and father pay for his or her fancy youngsters to go to fancy non-public faculties below a provision that permits mother and father to make use of tax-exempt 529 school saving plans for Ok-12 non-public college tuition. Serving to their pals within the alcohol business.Serving to their pals within the oil drilling business.Serving to their pals within the airline business.Serving to their pals within the cruise ship business.Fucking over the 13 million people who find themselves projected to lose their medical insurance over the subsequent decade by repealing Obamacare’s particular person mandate.Fucking over undocumented immigrants who now have to supply a social safety quantity to say the kid tax credit score, which might instantly affect a million undocumented kids, in accordance with one estimate.And final, however definitely not least: fucking over kids, the aged, the poor (mainly everybody however the very wealthy) by setting the stage for Republicans to make use of the elevated deficit to justify additional cuts to anti-poverty and entitlement applications down the highway. Orrin Hatch made this mission very clear when he mentioned “we don’t have cash anymore” to “assist individuals who gained’t assist themselves” whereas speaking about funding kids’s healthcare. Final month, Paul Ryan strengthened that insidious notion by saying “we’ve bought lots of work to do in chopping spending,” whereas Marco Rubio spoke out about “instituting structural modifications to Social Safety and Medicare for the long run.”
This isn’t nearly a nasty tax invoice. That is nothing lower than class warfare; individuals will die. However at the least the few wealthy individuals on the prime will be capable of purchase (much more) good issues on the expense of everybody else.