OK folks - this GOP tax plan is of, by, and for the rich people and corporations (i.e. Congressional donors). It was been analyzed to quantify the income distributional effects by the Joint Committee on Taxation (JCT) (evaluating tax cuts) with the Congressional Budget Office (CBO) (evaluating the loss of benefits due to the
known program cuts).
Here are the results
Recognize that this is not a per person/per year tax cut. The data is in millions of USD of tax revenue cuts/spending benefits losses and is cumulative by year for the income class as a whole in the first column. Thus the negative numbers by 2027 show that those over $1M income will have $5,780 Billion cumulatively to spread around; those that make less than $75,000/year (i..e the middle class and low class) will be taxed more and/or less spending on that class. So in 2019 this bill is is bad for the lower class and good for the middle through top class; but by 2027 it will be bad for the missile class and lower class (<$75,000/year) and good for the upper middle class and above (>$75,000/year).
The reason for the lack of tax cuts/spending losses is mainly due to programs being cut/dropped for the poor like the drop in Medicaid and non-renewal of CHIP. They did change the tax hike planned for the poorest from 10% to 12% and are keeping it at 10% at the same time they dropped the top bracket from 39.6% to 38.5%. These and many more assumptions / explanations are given at
This is a travesty and being done through a reconciliation approach that will not allow for discussion in Congress. There are many protests going on and rightfully so. I hope at least three GOP senators will see through this scam (middle class tax my eye- the tax cut goes mainly to corporations and their stockholders and they will not invest much of these tax breaks - they have record profits now and are not reinvesting those profits now nor are they increasing wages).
Informed by Data.
Driven by the SPIRIT and JESUS’s Example.
Promoting the Kingdom of GOD on Earth.