Republican Tax Plan Explained


cjones11192017

This is the simplest way I could think of to explain the Republican tax plan. While it is much more complex, it makes Donald Trump, who claims he won’t benefit at all from the tax plan, much richer.

During a hearing on taxes in the Senate Thursday night, Democratic Senator from Ohio, Sherrod Brown said, “I get sick of the richest people in this country getting richer and richer and richer,” to which Republican Senator from Utah Orrin Hatch replied, “I really resent anybody saying I’m just doing it for the rich.” OK, then. If he resents it then why does he keep doing it?

Republicans claim the $1.5 trillion tax cut (the amount added to the debt), which passed through the House under the cover of darkness without any hearings, is good for everybody but, will actually raise taxes on 36 million middle-class families, while the richest one percent will receive 48% of the tax cuts.

Using Trump’s 2005 tax form, the only one we have, Trump would have saved $31 million from the House’s tax plan. Trump claims he’s worth around $10 billion, but according to Bloomberg’s billionaire index, it’s more likely around $2.86 billion. That means if Trump dies after 2020, his trust-fund babies will save at least $1 billion. Ka-ching.

Republicans like Trump argue that eliminating the estate tax will save small farms and businesses. The reality is the very first $5.49 million is exempt from any taxation. A couple would have to leave over $11 million for their heirs to pay the tax. If you’re paying that tax you can still focus on grieving for your dearly rich departed because you’re still gonna be rich. It’s estimated that only 80 people will be hit with the estate tax in 2017. The estate tax is definitely a rich person problem you and I don’t have to shed any tears over.

Republicans claim saving billionaires will help everyone, as they’ll hire more people, raise wages, and pass that money down to me and you. They’ve been saying that since Reagan initiated “trickle-down” economics in the 1980s yet, the only thing that’s ever trickled down from the rich getting richer has been warm, stinky, and sticky.

This tax plan also repeals the individual mandate in Obamacare. This plan raises taxes on the poor immediately, saves the middle-class some money now but, there’s a funny detail to that. The savings to the middle-class will expire in 2025 while the corporate tax cuts are permanent. No wonder they pass this crap without any hearings.

I think Orrin Hatch bitches too much.

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8 comments

    1. “how it affects the average person” is a GROSS UNDERSTATEMENT!!!
      You should say: “how it screws the average person while it helps the average corporation”.

      Ariel Lynn, THANK YOU, THANK YOU, THANK YOU for this link.

      With all due respect to Toles, Telnaes, KAL, Borowitz, et. al. this is the BEST exposure of the GOP Tax Deform Bill that I have seen!

      Barack Obama gained national attention with his Keynote Address at the July 2004 Democratic National Convention.

      I believe that this performance by Representative Suzan DelBene (D-WA) will do the same for her, and I would be proud to vote for her as the Democratic Nominee for President in 2020.

      Liked by 1 person

      1. Aw! I can tell how much you appreciated my comment. It almost made me blush. 🙂

        I couldn’t agree more. I tend to be a bit gentler online than I’m sure I could be (while still being accurate). I think there’s too much negativity on the Web, so I try not to add to the s***-heap.

        As both of my parents were public school teachers, who had to purchase their own supplies for 4-5 classes of 30-40 students, it really got my hackles up to hear they wouldn’t (were they still teaching & if they itemized their taxes) be able to recuperate that cost under this “tax reform.” >.<

        Liked by 1 person

      2. Re: The fact that BOTH of your parents were teachers, did you notice that one of the comments, on the Facebook page where you found the video, pointed out that in Rep DelBene’s questions, the Teacher was a Man and the Firefighter was a Woman?
        Nice Touch.

        Liked by 1 person

      3. I didn’t notice that fact! Thank you for pointing it out!

        I learned the Golden Rule of the Internet very early on – “Never read the comments.” I’m sure I miss out on some good points, like the one you brought to my attention, but I miss out on a lot of toxicity. Worth it.

        Liked by 1 person

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