2017-11-04 — davidstockmanscontracorner.com
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 of nearly $450 billion.
Add these three items up and you see our point about funny numbers. The sum of $1.32 trillion for these three items is $386 billion larger than the entire individual tax cut contained in the bill!
Stated differently, set aside these three items and the baseline individual income tax revenue over the next decade would be $20.9 trillion----meaning that the GOP's ballyhooed tax bill will raise taxes by $386 billion or 2% on everyone else.
Comments: Be the first to add a comment
Note: Comments may take a few minutes to show up on this page. If you go to the forum thread, however, you can see them immediately.