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For Christmas, The GOP is Decimating the Middle Class

December 23, 2017 in Blogs

By Leo Gerard, AlterNet

The Tax Cuts and Jobs Act is a robbery.


Republicans promised the American people a tax bill for Christmas, and this week they delivered. It’s definitely a bill for working people and the poor because by 2025, they’ll pay more. For them, poverty is the new black.

By contrast, Congress bestowed 83 percent of the new tax law’s benefits on the richest 1 percent. For them, greenbacks are the new black.

On the first day of Christmas

The GOP gave to me

A tax break for the wealthy

The 1 percent have already roasted and eaten the partridge, the pair of turtle doves, the three French hens, the four calling birds, the six geese, even the seven swans. They are, after all, very rich. And now, with these tax changes, Republicans in Congress have swiped Tiny Tim’s turkey and handed it to the wealthy so they can gorge themselves on it too.

Republicans hate income redistribution when it flows from the tony top down to impoverished Cratchits. But they delight in reaching into working people’s pockets and converting those coins into golden rings for the rich. That’s exactly what the GOP tax bill does.

The meager tax breaks awarded the working poor and middle class in this tax bill expire, like Cinderella’s outfit and entourage, before the tolling of a decade.  In addition, the bill increases other costs for workers.

For example, it changes the way tax brackets are indexed to inflation. That means workers will enter higher brackets faster, even though their incomes don’t rise any quicker. This will cost the middle class and poor $25.6 billion, which the GOP used to offset the big fat breaks it gave the rich and corporations.

The new inflation index is meaningless to the rich. They don’t change tax brackets after reaching the top. For them, the marginal rate – lowered from 39.6 percent to 37 percent – remains the same whether they earn $500,000 or $5 million.

On top of the inflation index scam, the tax bill will raise health insurance premiums because it …read more

Source: ALTERNET

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