November 9, 2017

U.S. News&World Report: The Rot at the Heart of the GOP’s Tax Bill

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Let’s take the second part first. Republicans have been promoting their tax “reform” plan – which is really more of a big tax cut with some modest reforms chucked in – as helping mostly the middle class. Per analyses from the Institute on Taxation and Economic Policy, the Tax Policy Center and former Treasury official Ernie Tedeschi, though, the benefits for the middle class from the bill are nonexistent to fleeting. They fade over time, eventually resulting in many middle-class and lower-income households experiencing a tax increase at the back end of the bill’s life-span, due to the phaseout of various bits Republicans are using to cover some of the costs of the whole thing. Read more