The House GOP Tax Bill Is Mostly Crappola

❝ 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 a tax cut, not tax reform.

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.

6 thoughts on “The House GOP Tax Bill Is Mostly Crappola

  1. Moneybags says:

    The wind power industry is crying foul over the Republican plan to rework the tax code, saying it would jeopardize billions of dollars in private investments by reneging on the terms of a bipartisan deal to phase out a key incentive by the end of the decade. https://www.snl.com/InteractiveX/article.aspx?cdid=A-42491907-13861&Printable=1
    A puzzling choice considering that “In Trump Country, Renewable Energy Is Thriving” https://www.nytimes.com/2017/06/06/climate/renewable-energy-push-is-strongest-in-the-reddest-states.html
    Also: “Republican tax plan kills electric vehicle credit : The bill would end the $7,500 personal tax credit at the end of 2017. https://arstechnica.com/cars/2017/11/republican-tax-plan-kills-electric-vehicle-credit/
    Meanwhile the corporate tax rate will be permanently cut to 20 percent from 35 percent — a change that is estimated to reduce federal revenues by $1.5 trillion over the next decade alone.
    What does one TRILLION dollars look like? see http://www.pagetutor.com/trillion/index.html

  2. Reality ✔︎ says:

    “Tax bill raises red flags for Senate GOP” (11/5/17) http://thehill.com/homenews/senate/358712-tax-bill-raises-red-flags-for-senate-gop
    “House GOP quietly revises tax bill to tax income at higher rates over time” (11/4/17) https://www.cbsnews.com/news/house-gop-quietly-changes-tax-bill-to-tax-income-at-higher-rates-over-time/ …Mr. Trump is also pressuring Republicans to include repealing a health-care law penalty in the tax rewrite. The Congressional Budget Office has estimated that repealing the individual mandate would save $416 billion over a decade. That’s because without it, fewer people would enroll in Medicaid or buy federally subsidized coverage on insurance exchanges. The money represents a tempting revenue source for GOP tax writers whose plan for extensive tax cuts would add an estimated $1.5 trillion to the nation’s debt over 10 years.
    Trump tweeted on Wednesday: “Wouldn’t it be great to Repeal the very unfair and unpopular Individual Mandate in ObamaCare and use those savings for further Tax Cuts for the Middle Class.”

  3. Sneakers says:

    “Buried in House Republicans’ tax bill is their latest effort to advance the GOP’s anti-choice agenda. Specifically, they use a provision in the bill that would allow parents to buy 529 college savings plans for unborn children as a smoke screen to, yet again, try to give fetuses legal status as people. The provision goes out of its way to define unborn child as a “child in utero … a member of the species homo sapiens, at any stage of development, who is carried in the womb.” https://talkpoverty.org/2017/11/03/horrifying-provisions-hidden-house-republican-tax-plan/ See “House tax plan allows unborn children to have college savings accounts” http://money.cnn.com/2017/11/03/pf/college/house-tax-plan-unborn-child-529/index.html
    also http://thehill.com/opinion/civil-rights/359066-tax-reform-is-a-first-step-in-promoting-life-for-unborn-children This comes on the heels of Trump’s Department of Health and Human Services’ strategic plan draft released last month, which bent over backwards to define life as beginning at conception.” http://www.newsweek.com/department-charge-nations-health-care-hhs-says-life-begins-conception-684814

  4. UHNWI says:

    “GOP Plan Retains Tax Break for Golf-Course Owners” http://nymag.com/daily/intelligencer/2017/11/gop-plan-retains-tax-break-for-owners-of-golf-courses.html
    “Dirty business afoot in the Ways and Means Committee?” http://danshaviro.blogspot.com/2017/11/dirty-business-afoot-in-ways-and-means.html
    See also: “Paradise Papers reveal the rise of a new class: The global oligarchy” https://www.salon.com/2017/11/11/paradise-papers-reveal-the-rise-of-a-new-class-the-global-oligarchy/ and “Bernie Sanders warns of ‘international oligarchy’ after Paradise Papers leak” https://www.theguardian.com/news/2017/nov/06/bernie-sanders-paradise-papers-leak-international-oligarchy (includes link to “Live updates: billionaires and firms exposed by Paradise Papers”)

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