American Prospect: We Should All Be Sick and Tired of This Tax Debate

That’s because this “tax cut” is actually a tax increase for millions of Americans. According to the Joint Committee on Taxation, Congress’ official scorekeeper on tax issues, the Senate’s version of the bill would increase taxes on all income groups making under $75,000 per year. The Institute on Taxation and Economic Policy says the bill would increase taxes on 29 percent of Americans. The House bill is in some ways even worse.

But of course, they assure us that all we need do is wait for trickle-down economics to weave its magical spell and transform the wealthy’s bonanza into prosperity for all. Read more