It's quite the opposite of the GOP Tax Scam of 2017.Sort of remarkable: the lowest income quintile will see a 20% jump in income as a result of the COVID relief bill (American Rescue Plan). Top quintile see 0.7% increase, and top 1% get 0% income increase. https://t.co/w3tBBOyARm pic.twitter.com/spnvPEU4pe
— Don Moynihan (@donmoyn) March 8, 2021
Of course, these measures in the American Rescue Act are mostly one-offs for the 2020 or 2021 tax year, and that means there is a new set of issues and actions that will need to be taken (or not) to avoid a massive cliff from hitting. But let's realize that this stimulus bill is a big adjustment away from the austerity and slanted tax policy that we have seen for the better part of 40 years. Let's keep it going, shall we?Pretty clear picture of priorities when it comes to the Democratic vs Republican tax cuts. https://t.co/xj78sSAtzZ pic.twitter.com/K1Ee0Rp51S
— Richard Phillips (@taxjusticewonk) March 8, 2021
Much of the plan is good and needed by many of the recipients; however, I know three millionaires who will receive more than $20,000 each. All are self-employed (PUA unemployment recipients) and semi-retired with low AGI and large cash accounts. They should spend more time targeting to the people in need.
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