November 16, 2017

Vox: Republicans Are Weaponizing the Tax Code

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The Republican tax plan supercharges these changes. To a striking degree, the changes are about benefiting not just the well-off but those who are well-off because they own capital, as the Institute on Taxation and Economic Policy notes in its analysis of the Senate bill.

That’s because the plans are tilted toward corporate income tax reductions, which will largely benefit concentrated owners of stock; passive owners of pass-through businesses who don’t actively work for the firm; and people who inherit their money. (Notably, because around a third of stocks are foreign-held, a significant amount of the benefit won’t even go to US citizens. The Institute on Taxation and Economic Policy estimates that “foreign investors would receive [benefits roughly equal to the] benefits that would go to the bottom three-fifths of Americans.”) Read more



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