First, I'll direct you to this extremely useful chart from the TPC (you can also click here for the Web view) which not only shows what's different in the GOP bills from current law today, but also what's different between the House's and Senate's respective Pieces of Shit, which shows what has to be worked out in the coming weeks before a final version can be passed (click to see the chart clearer and expand).
Note that the Senate bill has many of its items go back to current law after 2025, because there was no other way they could get the bill's price tag under the $1.5 trillion limit over 10 years. What an absurd mess.
The other item I want to show you is the TPC's analysis of the bill that was rammed through the Senate early Saturday morning. The distributional analysis includes a look at the total amount of the tax cut across several income levels, and looks at how many people will have their taxes raised or lowered.
In both looks at the Senate bill, the TPC says that the largest cuts in taxes happen immediately, then fade and generally reverse for the lower income levels. And in all cases, the richest Americans get a much larger break than the middle and lower classes.
In 2019, taxes would be reduced by about $1,200 on average, increasing after-tax incomes 1.6 percent. Taxes would decline on average across all income groups. Taxpayers in the bottom quintile (those with income less than about $25,000) would see an average tax cut of $40, or 0.3 percent of after-tax income. Taxpayers in the middle income quintile (those with income between about $50,000 and $87,000) would receive an average tax cut of about $800, or 1.4 percent of after-tax income. Taxpayers in the 95th to 99th income percentiles (those with income between about $310,000 and $750,000) would benefit the most as a share of after-tax income, with an average tax cut of about $10,000 or 3.1 percent of after-tax income. Taxpayers in the top 1 percent of the income distribution (those with income more than $750,000) would receive an average cut of $28,000, or 1.8 percent of after-tax income....Even worse than having no real impact for the overwhelming majority of Americans in 10 years is the fact that the TPC breakdown shows that most lower-income Americans will actually end up paying more under the Senate GOP's Piece of Shit.
In 2027, the overall average tax cut would be about $300, or 0.3 percent of after-tax income, largely because almost all individual income tax provisions would sunset after 2025.
On average, taxes would be little changed for taxpayers in the bottom 95 percent of the income distribution. Taxpayers in the bottom quintile of the income distribution would face an average tax increase of 0.1 percent of after-tax income; taxpayers in the middle income quintile would receive an average tax cut of 0.1 percent of after-tax incomes; and taxpayers in the 95th to 99th income percentiles would receive an average tax cut of 0.4 percent of after-tax income. Taxpayers in the top 1 percent of the income distribution would receive an average tax cut of 1.1 percent of after-tax income, accounting for 62 percent of the total benefit for that year.
Remarkable.
— Greg Sargent (@ThePlumLineGS) December 4, 2017
New Tax Policy Center analysis finds that under the Senate bill, in 2027 large percentages of taxpayers at most income levels see tax hikes.
But virtually *all* taxpayers in the top 1 percent and top 0.1 percent on average get huge tax cuts:https://t.co/CpRPuaep8W pic.twitter.com/YHyDIPwrAu
So just like the House bill, the Senate tax bill is also regressive foolishness that will bust the budget, and do little to help the majority of working Americans (or worse, if the economy falters or health care/Social Security get cut to reduce the exploding deficit). This thing can still be shot down and defeated while the GOPs try to figure out a compromise bill that could become law, and we need to stay vigilant and vocal over the next couple of weeks as these scumbags try to sneak this giveaway out of DC.
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