How the GOP tax cut could take money away from most Americans

[TomCADem]

Source: MSN/Washington Post

If President Trump and congressional Republicans end up paying for their proposed $1.4 trillion tax cut by reducing spending or raising taxes later on, most Americans making less than $86,000 would be worse off, according to a new report by the Tax Policy Center, a nonpartisan think tank.

Republicans have yet to say how they intend to pay for the tax cut. Originally, Treasury Secretary Steven Mnuchin argued the tax cut would completely pay for itself because the economy would grow substantially faster, a claim that has not been backed up by independent research. Congress's official scorekeepers estimate that the tax cut would add $1 trillion to the federal deficit, even after taking into account some additional economic growth.

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The Tax Policy Center warns in its “Winners and Losers” report released Friday that paying for the tax cut by reducing programs that help the poor and lower middle class would leave many Americans in the bottom 60 percent in a worse spot than they would have been without the GOP tax bill.

“Our central finding is that if either bill as written were to become law and plausible ways of financing the bill were taken into account, a significant majority of low and middle income households will eventually end up worse off than if the bill did not become law,” the researchers wrote. “In other words, they will lose more from the financing mechanisms than they will gain from the tax cuts themselves.”

Read more: https://www.msn.com/en-us/news/politics/how-the-gop-tax-cut-could-take-money-away-from-most-americans/ar-BBGpyBj?li=BBnbcA1

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I am sure Fox News, Brietbart & company will scream Fake News.

[turbinetree]

1. I thought it was this, Medicare, Social Security and Medicaid walnuts

[Angry Dragon]

2. I ran some numbers for 3 different families

Single making $30,000...........would have less than $2.50 per week extra
Married/no children making $60,000....would have a little over $11 extra per week
Married with 7 children making $90,000......2017 and 2018 both would be $0

I don't know what these families are going to with these huge tax savings

[mpcamb]

6. And these $2-$10 "extras" eclipse in around 2025. The corporation tax cut remains.

The corporation tax is a sham anyway.
No major corps pay the full amount- more like 20%, if their fulltime lawyers can't find a way to hide it.

[jodymarie aimee]

3. wrong verb

not could, but WILL.

[Achilleaze]

4. repubes going to screw working people to enrich their billionaire buddies

same as it ever was: deplorable.

[BumRushDaShow]

5. "Republicans have yet to say how they intend to pay for the tax cut."

Bullshit. They HAVE told you "media" what they were going to do. The Speaker of the House said this -

Last week, the Senate passed a “tax reform” bill that costs over $1 trillion dollars and almost entirely benefits the rich, while tossing the poor and middle class a sack of nickels, some old NOW CDs, and an expired payday-lender discount code (basically). This week the man who leads the other chamber of Congress gave the world a preview of what’s up next on the agenda:

House Speaker Paul D. Ryan (R-Wis.) said Wednesday that congressional Republicans will aim next year to reduce spending on both federal health care and anti-poverty programs, citing the need to reduce America’s deficit.

“We’re going to have to get back next year at entitlement reform, which is how you tackle the debt and the deficit,” Ryan said during an appearance on Ross Kaminsky’s talk radio show. “… Frankly, it’s the health care entitlements that are the big drivers of our debt, so we spend more time on the health care entitlements — because that’s really where the problem lies, fiscally speaking.”

http://www.motherjones.com/politics/2017/12/paul-ryan-admits-the-gop-is-going-to-slash-entitlements-to-fund-tax-bill/

They are going to kill granny and Lyin' Ryan will lead the charge!