Leaked Congressional Analysis Shows GOP Bill Raises Taxes on Millions of Americans
Source: Mother Jones
On Wednesday, a leaked analysis from Congress’ nonpartisan Joint Committee on Taxation showed that 38 percent of Americans would not get a significant tax cut in 2019 under the Senate tax bill. After the tax bill’s individual cuts expire in 2025, 84 percent of Americans would see their tax bills go up or change by less than $100.
The JCT analysis was obtained by the Washington Post and the Wall Street Journal but has not been officially released. The estimate reinforces multiple studies showing that the wealthiest Americans would be the biggest winners under the House and Senate tax bills, despite Republicans’ repeated claims to the contrary. The Senate is currently debating the Tax Cuts and Jobs Act and could pass the bill as soon as this week.
In selling their tax bill, Republicans have focused on the bill’s effects before the individual tax cuts expire at the end of 2025. Their justification is that Congress won’t actually let the individual cuts go away—essentially conceding that the $1.4 trillion tax bill relies on accounting gimmicks to mask its true cost. But there are no guarantees that future members of Congress will go along with the plan, especially when confronted with deficits exacerbated by the tax cut.
Either way, the new JCT numbers, which are generally considered authoritative by both Republicans and Democrats, show that the Senate tax bill creates millions of losers even before the individual cuts expire. In 2025, when the bill is in full effect, 57 percent of middle-class taxpayers would get a tax cut worth more than $500, while 12 percent would see their taxes stay roughly the same and 15 percent would pay higher taxes than they would under current law.
Read more: http://www.motherjones.com/politics/2017/11/leaked-congressional-analysis-shows-gop-bill-raises-taxes-on-millions-of-americans/
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conservapedia.
He's still 100% behind fucking me. 