trickle-down economics

Monday Numbers: On gold mines and shafts

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Chris Fitzsimon exposes the unfairness of GOP tax "reform":

20—amount in dollars of the average federal tax cuts in 2027 for households with children earning less than $75,000 under GOP tax framework released in late September.

230,000—amount in dollars of the average tax cuts in 2027 for households with children earning $1 million or more under GOP tax framework released in late September.

If this issue merely affected income tax rates, it would be bad enough. Even Reagan-era tax cuts gave a nod to the middle class, and his efforts to minimize deficit problems targeted tax shelters for the wealthy, and not deductions everybody used. But these new tax cuts rely heavily on deep cuts to the social safety net, Medicaid in particular:

Monday Numbers: Taking care of the 1%

Chris Fitzsimon lays bare the highway robbery:

5—number of days since the White House and Republican Congressional leadership released the outline of their major tax reform proposal (“GOP tax plan would provide major gains for richest 1%, uneven benefits for the middle class, report says, Washington Post, September 29. 2017)

30—percentage of taxpayers with annual incomes between $50,000 and $150,000 who would see a tax increase under the plan (Ibid)

80—percentage of tax benefits in the Republican tax reform plan that would go to the top one percent of taxpayers (“A Preliminary Analysis of the Unified Framework, Tax Policy Center, September 29, 2017)

It's quite possible Trump actually believes this will be a net benefit for the middle class, but that's only because he has no idea what the criteria is for that category. He probably thinks the middle class are people who can afford a $200,000 membership fee at Mar-A-Lago, but can't afford more than 5-7 maids and gardeners for their own home. And once again, I find it hard to grasp why people would trust a man who has borrowed a lot more money than he's paid back, and managed to turn filing bankruptcy into an art form. The writing's on the wall with this issue:

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