The Senate Finance Committee late Thursday approved the Senate’s version of the GOP’s “tax cuts for corporations and Plutocrats” bill, after the House passed its version earlier in the day. Senate panel approves GOP tax plan. The panel voted to send the tax plan to the full Senate on a party-line vote of 14-12.
The Septuagenarian Ninja Turtle, Senate Majority Leader Mitch McConnell, said in a statement “When the Senate returns after Thanksgiving, I will bring this must-pass legislation to the floor for further debate and open consideration.”
Well, this is going to make for some heated discussions at Thanksgiving dinner when your drunk uncle shows up wearing his MAGA hat and Trump T-shirt. Here’s some information that you can use to try to properly educate your ignorant drunk uncle.
Paul Waldman of the Washington Post explains, The GOP tax plan is moving forward. It’s a big scam on Trump’s base.
Today the House [passed] its version of a tax reform bill, and if and when the Senate passes its version, the two will be combined in a final bill that will most likely wind up becoming law. We already knew that the House version would raise taxes on tens of millions of Americans — about 36 million, according to figures from the Joint Committee on Taxation, whose job it is to analyze tax bills before they’re voted on. Now we’re learning more about the Senate version:
The tax bill Senate Republicans are championing would give large tax cuts to millionaires while raising taxes on American families earning $10,000 to $75,000 over the next decade, according to an analysis released Thursday by the Joint Committee on Taxation, Congress’ official nonpartisan analysts.
President Trump and Republican lawmakers have been heralding their bill as a win for hard-working Americans, but the JCT report casts serious doubt on that claim. Tax hikes for households earning $10,000 to $30,000 would start in 2021 and grow sharply from there. By the year 2027, Americans earning $30,000 to $75,000 a year would also be forced to pay more in taxes even though people earning over $100,000 continue to get substantial tax cuts.
Everyone always knew Republicans were going to cut taxes for the wealthy. They’re Republicans; that’s what they do. But it’s a genuine surprise to see them raising taxes on people with more modest incomes. Why isn’t this being angrily decried by all those conservatives who believe that tax increases are a crime against humanity? Could it possibly be that they don’t really care about the middle class as much as they say? Was the whole point of this exercise to cut taxes on corporations and the wealthy, and if regular people have to pay more so those at the top can pay less, then that’s fine with them? Say it isn’t so!