It’s about to rain money on the wealthy
Nov 17, 2017, 6:17 AM | Updated: 6:38 am
Sen. Ron Wyden, D-Ore., left, the top Democrat on the Senate Finance Committee, criticizes the Republican tax reform. (AP Photo/J. Scott Applewhite)
(AP Photo/J. Scott Applewhite)
The Senate Finance Committee was up late working on their version of the tax bill, and by working I mean the Democrats would propose amendments they knew wouldn’t pass and the Republicans would then cheerfully not pass them.
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Republicans voted no so many times that when it came time to vote in favor of the final Republican version, some said “no” before quickly changing their answer.
But at least we finally got to see a clear chart showing how they define a middle-class tax cut.
You can view the chart here.
“If you look at where the biggest tax cuts percentage-wise come, it comes right through those low- and middle-income groups.”
I took a close look at that chart. It shows that If you earn between $30,000 and $100,000 a year, your taxes could go down close to 10 percent. Not bad.
But taxes also go down for taxpayers over $100,000. They don’t go down by as much as ten percent, but the amount of actual money refunded is a lot more.
In fact, in 2019 when this would take effect, the total cash that will rain down on taxpayers making over $100,000 a year is three times the amount for everybody making under $100,000 a year.
And because the budget already runs a deficit, that means the government will borrow $182 billion and then give it to people making hundreds if not millions of dollars a year.
Welcome to the middle class!
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