The plan lowers the tax rate for the richest 0.5 percent of households and drastically cuts corporate tax rates from 35 to just 20 percent. Additionally, it “helps” small businesses by creating new loopholes for hedge fund managers and other highly lucrative businesses.
Republicans are working hard to present this scam as a boon for working families.
The plan does double the standard deduction. But at the same time, it ends personal exemptions for middle income families — effectively neutralizing the benefit. It raises the lowest tax bracket rate from 10 to 12 percent, increasing hardship on those most vulnerable.
They’re touting increases in the Child Tax Credit. But again, they couple that with ending the personal exemption for dependents — again neutralizing the benefit.
It guts Medicare, Medicaid, SNAP/ food stamps, education and other critical services.
Republicans want to give huge tax breaks to the ultra-wealthy and corporations. They believe that benefits to the rich will ‘trickle down’, a long disproved theory. Much better to put money in the hands of the middle and lower classes who will spend it in their communities. Time to put as much energy into stopping this scam as we did into ending the ACA.