Implode-o-Meter News - Stockman: Proposed Tax Bill is Middle Class Tax Raise in Sheep's Clothing

In the first place, it does not cut anything that could remotely be called middle class taxes by a net dime over the next ten years; it actually increases them... the real skunk in the woodpile is the fact that more than 100% of this cut in individual income taxes is accounted for by three items, which will accrue overwhelmingly to the very wealthy.
To wit, the bill repeals the alternative minimum tax at a cost of just under $700 billion over the decade, phases out the estate tax at a cost of $172 billion and provides for the so-called business pass-thru rate of 25% at a cost ofÂ nearly $450 billion.

Add these three items up and you see our point about funny numbers. TheÂ sum of $1.32 trillion for these three items is $386 billion larger than the entire individual tax cut contained in the bill!

StatedÂ differently, set aside these three items and the baselineÂ individual income tax revenue over the next decade would be $20.9 trillion----meaning that the GOP's ballyhooed tax bill willÂ raise taxes byÂ $386 billion or 2% on everyone else.Â

Relevant:

Stockman: Proposed Tax Bill is Middle Class Tax Raise in Sheep's Clothing