We continue to be told that the Republican tax cuts will benefit the middle class. What kind of a people do they think we are??
According to calculations by the Joint Committee on Taxation, the House bill would deliver about $1 trillion in tax cuts to business. And, writing in the WSJ, Richard Rubin said “Early estimates show that about $1 trillion worth of the tax cuts in the plan go to businesses, including pass-through ones, while about $228 billion goes to individuals and $172 billion goes to estates.”
Most of the “tax breaks” for individuals expire after a few years whereas the changes for businesses are permanent. Further, it is individuals who are at risk from the cuts to Medicaid and Medicare, and now, we learn, from the repeal of the individual mandate, which will add 15 million people to the ranks of the uninsured.
What is more, the Senate version totally eliminates the deduction for State and Local taxes. For Blue states like New Jersey, that will amount to a substantial rise in taxation. In NJ7, that deduction is taken by 53.3% of taxpayers, per Forbes Magazine.
Our Congressman, Leonard Lance, while declaring loss of the SALT deduction “unacceptable.” also talks of his confidence that a compromise can be reached.
No doubt his mind is being concentrated wonderfully by the SuperPACS running TV ads, thanking him for supporting the GOP tax plan that "gives all middle income folks a tax savings of $1200+ per year!”
These Super PACS-- 45 Committee, American Action Network, and Campaign for Liberty - are “dark money” organizations designed to protect the anonymity of the wealthy donors supporting them, who will be the big winners under this tax cut plan.
You can be sure they are not amongst the more than 400 American millionaire and billionaire members of Responsible Wealth, who are sending a letter to Congress this week urging Republican lawmakers NOT to cut their taxes.
Responsible Wealth knows that this is a tax cut for the wealthy 1% at the expense of the poor, the sick, and the elderly, and they reject it. So should your Congressman.