Senate GOP tax bill hurts the poor more than originally thought, CBO finds

[DonViejo]

Source: The Washington Post



By Heather Long November 26 at 9:08 PM

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 worse off, according to a report released Sunday by the nonpartisan Congressional Budget Office.

Republicans are aiming to have the full Senate vote on the tax plan as early as this week, but the new CBO analysis showing large, harmful effects on the poor may complicate those plans. The CBO also said the bill would add $1.4 trillion to the deficit over the next decade, a potential problem for Republican lawmakers worried about America’s growing debt.

Democrats have repeatedly slammed the bill as a giveaway to the rich at the expense of the poor. In addition to lowering taxes for businesses and many individuals, the Senate bill also makes a major change to health insurance that the CBO projects would have a harsh impact on lower-income families.

By 2019, Americans earning less than $30,000 a year would be worse off under the Senate bill, CBO found. By 2021, Americans earning $40,000 or less would be net losers, and by 2027, most people earning less than $75,000 a year would be worse off. On the flip side, millionaires and those earning $100,000 to $500,000 would be big beneficiaries, according to the CBO’s calculations. (In the CBO table below, negative signs mean people in those income brackets pay less in taxes).






Read more: https://www.washingtonpost.com/news/wonk/wp/2017/11/26/senate-gop-tax-bill-hurts-the-poor-more-than-originally-thought-cbo-finds

[Iliyah]

1. GOPers do not care . . .

When will we realize that the other party does not give a shit.

[Bengus81]

2. I'm just SHOCKED people!!!

Gosh...I thought ButterNut said those would be the WINNERS in this so called tax "reform". To those in far western Kansas that went 90%+ for Trump,hold on to your asses your in for a ride with this CON ARTIST that suckered you for your vote. Oh and ButterNut and the boys need another 1.3 TRILLION to pay for this Corporate give away. WHERE do you think it's coming from?

Soon enough,NO ACA,Medicare gutted,Welfare trashed,tax "reform" that HURTS you instead of helping,fuel prices that here are 40 cents a gallon higher than a year ago. Etc,etc,etc....

[Achilleaze]

3. Beware the royal republican ream job on US taxpayers

Stop these robber barons from stealing from hard-working Americans only to enrich already rich republican fatcats. Despicable.

[wiggs]

4. looks like that doesn't even include estate tax cuts. nt

[dalton99a]

5. It is looting on a massive scale by the rich.

[moda253]

6. The message should be. If you make less than 100k they are trying to kill you

They want to grind the poor and POC into nothingness. At the very least they want to make them into a slave class more than they already are and let them die off by not being able to provide. The lack of funding CHIP, the burdening that the tax plan puts on them, it is all a plan to cut out all of the unwanteds (read POC and the general poor) from our society.

[BigmanPigman]

7. I am starting to believe that the GOP goal is genoside.

They want to bankrupt and/or make ill and die the poorer citizens. Isn't that just great!

[harun]

9. Not far from the truth...

For some time it seems their equation is simple. Either you are making the rich more rich or your value is less than fertilizer.

[PatrickforO]

8. Get on the phones. Your Senators' staff people are in the office today.

Seriously, do it now.

I called a bunch of these clowns today, not just my own state's senators, but McCain, Flake, Corker, Murkowski and others.

The ONLY thing that can defeat this monstrosity is pressure from us.

[flamingdem]

10. Thanks for calling, we need to make up for those who glaze over

when taxes are discussed. That is most of America and when they get their wake up call they'll realize that the GOP lifted their wallets.

[Gothmog]

11. I trust the CBO on these numbers

[ahimsa]

12. So in 2027, if you make less than $10,000..

.. you'll owe more in taxes than you made? How is this even allowed to be proposed?

[Kensan]

15. That isn't how the chart works...

The amount listed is the total estimated change in tax revenue collections from all taxpayers within that particular income range. So millions of taxpayers with under $10,000 taxable income are expected to raise over $10,000,000 of additional tax revenue combined in the year 2027.

The numbers are clearly presented in a misleading fashion. The $100,000 - $200,000 range will be touted as coming out exceptionally well. This is a selling point that you will hear often....how the middle class gets so much of the benefit. Now consider how many combined taxpayers make that level of income (it is actually quite high when you consider dual income families and coastal states with high incomes). On a per taxpayer basis, the amount of benefit is nothing to brag about. That is until you get to the high end of the income spectrum. Significant savings will be shared by a much smaller group of taxpayers in the upper echelons.

The legislation they are proposing in both the passed House bill and the awaiting Senate bill are massive giveaways to the extremely wealthy. It's not just insane income tax disparity for the next 10 years, but the repeal of the estate tax will ensure the descendants of the fabulously wealthy will live like royalty and exert power into the political processes for the foreseeable future.

[ahimsa]

16. Thanks for clarifying

I missed the "millions of dollars" in there. Thanks for the follow up explanation as well.

[rockfordfile]

13. Get active against this pos GOP tax bill

[FreeStateDemocrat]

14. After this passes they will cut Medicare to help pay for the wealthy not paying their FAIR share!!!

But let's all be distracted about individuals sexual misconduct and ignore millions of Americans that are going to be harmed by this being passed by the pukes as we blindly look the other way. This country is going third world and the media is playing to the lowest common denominator by titillating sensationalism to the exclusion of coverage of this tax abomination. But look, there's going to be a royal wedding.