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Opinion | A win for the wealthy, the entitled and the irresponsible

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This view from the Editorial Board comes as Republicans in Congress geared up for a legislative victory decided to ignore the expert opinion of the Joint Committee on Taxation and polls showing a majority of Americans disapprove of the tax law. It says a "corrosive partisanship" that is affecting the nation has led to this decision. Not an informed consensus necessary to make real and lasting changes to the tax laws that increase growth without disrupting hard won gains in social cohesion after World War II. 

Republicans pushed through a trillion and half dollars in tax cuts in the law that reduces the corporate tax rate to 21% from 35%, and cut taxes in 2019 by 51 times ($51,400) for the top 1% of incomes compared to ($1000) for middle class families earning less than $100,000 (Tax Policy Center). The Joint Committee on Taxation estimates it will add $1 trillion to the U.S. deficit as only $500 billion is expected in increase in government revenues over a decade from additional economic growth. This is supported by evidence from countries such as Britain that implemented this type of corporate tax cut without generating much economic growth, says Greg Ip in the Wall Street Journal.

The "victory" then comes at a high cost says the Washington Post- in years to come programs to help the growing lower middle class and working class will be subject to cuts and taxes will have to rise to balance budgets.

 


Republican 2017 tax cut legislation

11/30/2017

Grouped Articles

Corporate Tax Rate in Flux as Senate Votes to Open Debate

WSJ 11/30/2017

It Started as a Tax Cut. Now It Could Change American Life.

The New York Times 11/29/2017

Buried in the Tax Bills, Multiple Unintended Consequences

WSJ 11/29/2017

What the Tax Bill Would Look Like for 25,000 Middle-Class Families

11/28/2017

Republican Victory May Rest Once Again With McCain, This Time on Taxes

The New York Times 11/28/2017

Senate Republicans Pass Sweeping Tax Bill

The New York Times 12/01/2017

Republican tax cut plans in 2017-2018

10/26/2017

Grouped Articles

House narrowly passes budget, paving way for $1.5 trillion tax cut

Washington Post 10/26/2017

It Started as a Tax Cut. Now It Could Change American Life.

The New York Times 11/29/2017

Corporate Tax Rate in Flux as Senate Votes to Open Debate

WSJ 11/30/2017

Senate Republicans Pass Sweeping Tax Bill

The New York Times 12/01/2017

Who Gains From the Tax Plan? Economists Face Off

12/01/2017

Among the Tax Bill’s Biggest Losers: High-Income, Blue State Taxpayers

12/05/2017


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