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 bills 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 bills effects before the individual tax cuts expire at the end of 2025. Their justification is that Congress wont actually let the individual cuts go awayessentially 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/
SamKnause
(13,110 posts)Angry Dragon
(36,693 posts)joshdawg
(2,651 posts)conservapedia.
atreides1
(16,093 posts)Because in his letter explaining why he was voting in favor, he claimed that the Joint Committee on Taxation report is what convinced him to support it!
I'm a Desert Storm vet, and I had respect for the service that McCain gave to this country, but not any longer!
He has for the most part voted against the better interests of the American people for years, decades, so in my view his service while in uniform no longer matters, his assistance with this travesty will result in many people being hurt, some even to the point of losing everything, including for some their lives!!!
Speaking for myself, I hope McCain's brain cancer causes him immense pain and suffering!!!
NRaleighLiberal
(60,019 posts)Horizens
(637 posts)Keep calling and emailing these people. Don't let them think their lies aren't noticed. Ive contacted each on the list twice and will do a third round now.
Sen. Bob Corker
(TN) (202) 224-3344
Sen. John McCain
(AZ) (202) 224-2235
Sen. Jeff Flake
(AZ) (202) 224-4521
Sen. Susan Collins
ME (202) 224-2523
Sen. Dean Heller
(202) 224-6244
Sen. Lisa Murkowski
(AK) (202) 224-6665
Sen. Jerry Moran )
(202) 224-6521
Sen. Ron Johnson
(WI) (202) 224-5323
Sen. Todd Young
(IN) (202) 224-5623
FailureToCommunicate
(14,020 posts)Response to atreides1 (Reply #3)
groundloop This message was self-deleted by its author.
NRaleighLiberal
(60,019 posts)Wellstone ruled
(34,661 posts)My SIL had the same Tumor and because of Location,the Doctors refused to operate. She made it for three months after discovery. Now back to McCain,noticed today he was in a Wheel Chair,and this type of Cancer has less than ten per cent survival rate. McCain will take care of those who made his Career,bottom line.
djacq
(1,634 posts)Reagan's trickle-down economics was a proven failure.
Clinton's repealing of Glass-Steagall was an absolute wrong.
G.W. Bush's tax cuts and Wall Street deregulation lead to the Great Recession.
Trump wants to destroy the CFPB, repeal Dodd-Frank, deregulate Wall Street, and give super tax cuts to the rich on the backs of the poor and lower middle class.
Trump will trigger a new Great Depression for the 21st Century.
Moostache
(9,897 posts)THAT calamity will precipitate the next Great Depression and the United States of America will slide off the world stage as "leader" and "shining city on a hill" and into the ash-heap of history with the Greeks, the Romans, the Persians, the Mongols, and every other empire in history...
We are living out the death throes of the greatest idea in social organization because a group of greedy assholes (the current GOP) figured out that they could "win" by convincing another group of superstitious fools (the useful idiots that comprise the 'religious right' and 'conservative movement) that the two groups shared a common cause ("family" values or Christianity...whichever way you want to describe it). They pushed this bullshit until the groups believed it so thoroughly that their members circa 2017 would actually SAY a suspected child molester is preferable to a liberal.
Those of us without "means" (ie. inherited wealth and obscene, tax-dodged 'profits') are going to be left to fend for ourselves...well, I say that's what we do...we leave this failed experiment and establish independent communities that enact as much or as little of the founding principles as they choose. For the religious infested areas, good luck figuring out how to survive the coming climate catastrophes...prayers and sacrificing of virgins (at least those kept away from your leadership) will surely be tried...I am predicting right now they won't work, but feel free to ignore this "god-hating, America-hating librul".
For the sane people, I will find you and we all will find each other, and once freed from the yoke of backward dragging idiots like the modern Christian Conservative, we will rebuild a new society and a new nation...one built for reality and freed of dogma, doctrine and deacons.
I look forward to it, because looking around at the current handiwork is enough to make one wish for a large bridge or building to fling one's self off of...
disalitervisum
(470 posts)Your post came up while I was composing mine, (trying to find suitable economic metaphors is tough) all of your points are absolutely the foundation of Republican voodoo economics that inevitably led to all previous economic disasters. This is just doing something for the sake of doing it, it's completely unnecessary, like elective surgery. Please doctor, my heart is healthy but give me a coronary bypass because you need to make money.
No sane economist fucks with an economy that's already working.
disalitervisum
(470 posts)This is like switching the NO2 on when you're already going 200 mph. You go faster for a while, then the engine blows up. Stupid economics.
Dave Starsky
(5,914 posts)And I will punch any Republican in the face who tells me they weren't warned about the situation they will inevitably find themselves in.
This is, of course, assuming that I am still alive in a couple of years. This bill may very well kill me.
kairos12
(12,872 posts)whatever and blame them.
ffr
(22,671 posts)Fuck us all, as hard as they can and get out of town.
I'm sick to my stomach at how our government has been used to turn against the American people.
ffr
(22,671 posts)He's still 100% behind fucking me.