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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