GOP budget plan would take from the poorest 40 percent and give it to the rich: Yale
1 week, 5 days ago

GOP budget plan would take from the poorest 40 percent and give it to the rich: Yale

Raw Story  

The budget plan being contemplated by congressional Republicans would represent a massive transfer of wealth from the poorest 40 percent of Americans to the richest 1 percent of the country, according to a new analysis from Yale's Budget Lab. As explained by researchers Harris Eppsteiner and John Ricco, the GOP budget under consideration would include $4.5 trillion in tax cuts and $1.5 trillion in spending cuts over a ten-year window. The reason that the budget would have such an extreme impact on the wealth of the poorest 40 percent of the country, they explain, is because the GOP is looking at cutting the Supplemental Nutrition Assistance Program by $230 billion over ten years, while at the same time cutting Medicaid by $880 billion over ten years. "The overall effect of these three policy changes would be regressive, shifting after-tax-and-transfer resources away from tax units at the bottom of the distribution towards those at the top," write Eppsteiner and Ricco.

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History of this topic

Expert: Analysis shows Trump tax plan "taking money" from bottom 95% and "giving it" to richest 5%
5 months, 3 weeks ago

Expert: Analysis shows Trump tax plan "taking money" from bottom 95% and "giving it" to richest 5%

Salon  

Former President Donald Trump's proposed tax plan would create tax cuts for the nation's top 5% of earners while leaving the rest of Americans to shoulder tax increases by 2026, according to a new analysis. We need your help to stay independent Subscribe today to support Salon's progressive journalism The income tax exemptions, green-energy credit repeals and 2017 tax law …

Tax the rich and end Republican welfare for the wealthy
1 year ago

Tax the rich and end Republican welfare for the wealthy

Raw Story  

Over the past 50 years, before the GOP went all in on fascism and isolationism, the most dramatic difference between Democrats and Republicans lurked in the driest of places: tax policies. As National Economic Council Director Lael Brainard told the Economic Club of New York last year, although tax cuts for the wealthy added trillions to the national debt, the …

WH analysis of GOP deficit plan: job losses, poorer kids
1 year, 11 months ago

WH analysis of GOP deficit plan: job losses, poorer kids

Associated Press  

WASHINGTON — The White House says the math in House Speaker Kevin McCarthy’s plan to trim the federal deficit is “unforgiving” —- estimating a deep 22% cut to non-defense spending that would leave children poorer, veterans sicker, families hungrier and housing more expensive. President Joe Biden and GOP lawmakers are engaged in a tense showdown over federal finances, Republican House …

To Fund The $3.5 Trillion Budget Plan, Democrats Aim To Undo Trump Tax Cuts
3 years, 6 months ago

To Fund The $3.5 Trillion Budget Plan, Democrats Aim To Undo Trump Tax Cuts

NPR  

To Fund The $3.5 Trillion Budget Plan, Democrats Aim To Undo Trump Tax Cuts Democrats are finalizing plans to fund President Biden's domestic agenda, largely by rolling back tax cuts for wealthy people and corporations passed by Republicans during the Trump years. You know, basically, they're trying to roll back the tax cuts Republicans passed under President Trump in 2017. …

AP FACT CHECK: Tax plan shows 2 things can be true at once
7 years, 3 months ago

AP FACT CHECK: Tax plan shows 2 things can be true at once

Associated Press  

WASHINGTON — Two things can be true at once. It also comes with tax cuts for average people, which Democrats bypass in slamming Trump’s “betrayal” of the middle class. Pence’s praise to the boss reflects Trump’s assertion that “it’s a tax bill for the middle class,” as he often put it, but average people are not the prime beneficiaries of …

CHARTS: See How Much Of GOP Tax Cuts Will Go To The Middle Class
7 years, 3 months ago

CHARTS: See How Much Of GOP Tax Cuts Will Go To The Middle Class

NPR  

CHARTS: See How Much Of GOP Tax Cuts Will Go To The Middle Class Enlarge this image toggle caption Mark Wilson/Getty Images Mark Wilson/Getty Images Updated on Dec. 20 at 3:50 p.m. The average household would get a tax cut of $1,610 in 2018, a bump of about 2.2 percent in that average household's income, according to a report released …

Count the ways: How GOP tax plans would reward rich families
7 years, 3 months ago

Count the ways: How GOP tax plans would reward rich families

Associated Press  

WASHINGTON — Life may be about to get easier for people with rich parents. And their parents could enjoy a bigger child tax credit than poor working families would. In fact, Trump told middle class families at the White House on Tuesday that the tax cuts would leave them flush with cash. And if the individual tax cuts in the …

CHARTS: Here's How GOP's Tax Breaks Would Shift Money To Rich, Poor Americans
7 years, 4 months ago

CHARTS: Here's How GOP's Tax Breaks Would Shift Money To Rich, Poor Americans

NPR  

CHARTS: Here's How GOP's Tax Breaks Would Shift Money To Rich, Poor Americans Enlarge this image toggle caption Chip Somodevilla/Getty Images Chip Somodevilla/Getty Images So, $1.4 trillion is a lot of money. How the initial numbers look Under the initial House GOP tax plan, the majority of the very poorest Americans would have very little change in their tax bills …

Trump's Trickle-Down Rich Man's Tax Cut Is Simply Cruel To Many Middle-Class Families
7 years, 4 months ago

Trump's Trickle-Down Rich Man's Tax Cut Is Simply Cruel To Many Middle-Class Families

Huff Post  

Michael Vadon Let’s start with the big picture. Just ask one of the architects of Ronald Reagan’s tax cuts, who pointed out that the 1990s—which included tax hikes on the rich passed in 1990 and 1993—had stronger growth than the 1980s and the 2000s, each of which began with big tax cuts for the rich. House Speaker Paul Ryan, at …

The GOP Plan: Cut Taxes And Then Entitlements
7 years, 4 months ago

The GOP Plan: Cut Taxes And Then Entitlements

Huff Post  

The Republicans proposed a tax reform package Thursday that would, if signed into law, radically alter current tax laws and provide a huge windfall for corporations and millionaires. It would also add $1.5 trillion to the national debt over 10 years, so Republicans are already eyeing huge cuts in social programs to make up the difference. An ABC/Washington Post poll …

GOP's latest tax plan: Tax cuts for the richest, tax hikes for the poorest
7 years, 6 months ago

GOP's latest tax plan: Tax cuts for the richest, tax hikes for the poorest

Salon  

As the latest efforts to repeal and replace the Affordable Care Act have turned bleak, Republicans are looking to finally achieve success under President Donald Trump's agenda by passing major tax reform measures that would increase the bottom tax rate, nearly double the standard deduction and slash the top tax bracket as well as the corporate tax rate. The standard …

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