Republicans determined to punish Americans for not picking wealthy parents
1. The bottom 35 percent of America — the Americans who are struggling most — will see NO benefit from these tax breaks.
2. The richest 1 percent of Americans get most of the benefits.
3. The middle class gets far less or NOTHING from these cuts. But we will bear the brunt of future spending cuts to Medicare, Medicaid and other programs Republicans will demand to pay for the massive debt this plan will accumulate.
4. This proposal INCREASES TAXES on tens of millions of middle-class families.
The number of families paying HIGHER taxes than they do now explodes in the next decade because the GOP decided to make tax breaks for the rich and corporations permanent while the cuts for families expire.
5. This plan is specifically designed to transfer hundreds of billions of dollars to Americans who were born into great wealth.
The very richest Americans — the richest 0.1 percent — would benefit from several tax breaks crafted to keep trillions of dollars of inherited wealth in the hands the richest’s kids’ kids’ kids’ kids’ kids. These breaks all just happen to be huge giveaways to Donald Trump and his family. The giveaways include eliminating the Alternative Minimum Tax, the only reason Trump paid any significant taxes in the one tax year for which we’ve seen any returns. It also preserves oligarchical power by eliminating the Estate tax for the richest 0.2 percent of Americans while keeping the “stepped-up basis” for heirs that allows rich grown kids to sell assets, in many cases, virtually tax free.
6. Trump wants to keep the worst tax scam in America, the carried interest exemption. This allows hedge fund managers to pay lower tax rates than their secretaries, even if the bankers make billions of dollars in a year.
7. The plan is designed to kill America’s burgeoning electric car industry.
8. The proposal will make it much harder for workers to get post-high school education in several ways.
The scam kills the student loan deduction, punishing those saddled with loans and exacerbating a student loan crisis that’s already stunting our economy. And it would decimate STEM education.
9. Republicans want to raise taxes on families who adopt children and make it impossible for many Americans to start families.
10. The plan also raises taxes on families suffering from extraordinary medical costs.
This is a curse on families with medically fragile children or seniors in assisted care. The GOP also plans to gut Medicaid, which is the only way many families can afford either.
And the deeper you look into the scam, the more you can find vicious, unnecessary digs at working Americans — such as raising taxes on teachers who buy supplies for their own classrooms — all to benefit the richest, who have rarely been richer in the history of money.
What should we be doing instead of of wasting this money to bloat the wealth of the richest of the richest? How about rebuilding our nation?
