❝ House Republicans made their tax bill public today. Boiled down to the basics, it is a mid-sized tax cut–aimed mostly at businesses and their owners. Here are five big take-aways.
It is not the biggest income tax cut in history—not even close– despite President Trump’s repeated promises that it would be.
For households, it will almost surely create winners and losers. Many middle-income households are likely to pay more under this plan, not less.
It is not tax simplification. Indeed, for many taxpayers the House bill would make filing more complicated.
At the end of 10 years, it likely would end up increasing the deficit by far more than the advertised $1.5 trillion.
It will not lead to a 3 percent permanent economic growth.
Howard Gleckman from the Tax Policy Center offers up the gold standard for truthful tax analysis inside the Beltway. No doubt the Congressional Budget Office will soon be out with a version – more polite; but, no less accurate and free from the lies today’s Republicans seem to need before they even put their pants on in the morning.
RTFA. You won’t enjoy it. At a minimum, you won’t have to hold back a belch over fake news, fake statistics, 19th Century ideology.