Tags: tax reform | tax bill | middle class | wealthy | tax cuts

NYT: GOP's Tax Reform Bill Just a 'Wish List of Cuts for the Wealthy'

Image: NYT: GOP's Tax Reform Bill Just a 'Wish List of Cuts for the Wealthy'
(AP)

By    |   Thursday, 28 September 2017 12:55 PM

The GOP's tax reform bill unveiled Wednesday would increase the federal deficit, making things worse for the middle class while not stimulating economic growth, The New York Times editorial board wrote.

It's a "a wish list of tax cuts for the wealthy," the board writes.

"It would do little or nothing to improve the lot of the working class, a group President Donald Trump says he is fighting for," the Times wrote. "It would instead provide a windfall to hedge fund managers, corporate executives, real estate developers and other members of the 1 percent. And can it be just a happy coincidence that Mr. Trump and his family would benefit 'bigly' from this plan?"

The breaks for the wealthy, outlined by the Times:

  • Top tax bracket reduced from 39.6 percent to 35.
  • Taxing the "pass-through" rate at 25 percent would actually raise taxes on small businesses owners while saving the 400 richest households an average of $5.5 million.
  • Elimination of alternative minimum tax.
  • Elimination of estate tax, helping just 0.2 percent of people who die every year.

"Most experts agree that they could raise the federal budget deficit by trillions of dollars," the board wrote. "Republicans will surely argue that the cuts would spur growth, and, in some measure, pay for themselves. This is the old supply-side hooey. In fact, over time the increased borrowing for unproductive tax cuts could depress growth by driving up interest rates.

"There are important public purposes that could justify increasing the deficit — repairing the country’s dilapidated infrastructure, for instance, or paying for hurricane recovery efforts," the Times wrote.

"Making the rich richer is not one of them."

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Politics
The GOP's tax reform bill unveiled Wednesday would increase the federal deficit, making things worse for the middle class while not stimulating economic growth, The New York Times editorial board wrote.
tax reform, tax bill, middle class, wealthy, tax cuts
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2017-55-28
Thursday, 28 September 2017 12:55 PM
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