Trump-Republican tax plan?!

McConnell to NYT: I ‘misspoke’ on tax increase for middle class in Senate plan.

 

A Tax Loophole for the Rich. The plan indiscriminately favors the rich at the expense of people who work for a living.
– Common Sense By JAMES B. STEWART NOV. 9, 2017

 

“If people think that many others are not paying their fair share, or that they’re not going to get caught if they cheat, or they’re just frustrated because they can’t get the help they need from us to file their taxes, our voluntary compliance system will be put at risk,” Koskinen warned. “A 1 percent drop in the compliance rate translates into a revenue loss of over $30 billion a year.”
– John Koskinen, commissioner of the Internal Revenue Service resigned Nov. 9th, 2017

 

CNN – October 23, 2017

Republican tax plan will harm America’s most vulnerable — senior citizens, the disabled and the poor — while benefiting the richest 1%.

The budget passed by the GOP-controlled Senate would massively cut both Medicare and Medicaid in order to give the richest Americans a big, fat and unnecessary tax cut.

The GOP Senate budget calls for “$473 billion in cuts from Medicare over 10 years.” That would be a painful blow to the over 55 million Americans — including my own mother, and maybe yours, too – who depend on this very popular program to manage the cost of their health care.
Add to that, the GOP budget cuts over $1 trillion from Medicaid over the next decade. This is the very definition of cruel. Medicaid is a lifeline for over 70 million Americans — including the disabled, poor, children and, once again, senior citizens. In fact, seniors would arguably bear the brunt of the GOP’s cuts because Medicaid covers 60% of those in nursing homes. So some seniors may see both their Medicaid and Medicare benefits slashed.

You don’t need to be an expert to know that when the Republicans are in control of government, the rich often benefit the most.

“For the highest earners — those in the top 1 percent and top 0.1 percent — nearly all would see lower taxes.” In fact, according to Fackcheck.org, “Ninety percent of the top 1 percent — those earning about $900,000 and above in 2027 — would get a tax cut, averaging $234,050.” (It’s difficult to calculate the exact percentage of income that would be given just how wide the top tax bracket is.)
And another nonpartisan website, Politifact.com, found that 80% of the GOP tax cuts would benefit the top 1% by the 10th year of the plan.
So, what about the rest of us? Well, in 2018, middle-income households (those earning $50,000 to $90,000 a year) would receive a tax break on average of $660, or 1.2% of their after-tax income. While they would get an initial, tiny tax cut, the numbers would get worse over time: “By 2027, more than one of every four middle-income families would pay more in taxes.”

It would cut total funding by $5 trillion over the next decade.

So, what about the rest of us? Well, FOR 1 YEAR, in 2018, middle-income households (those earning $50,000 to $90,000 a year) would receive a tax break on average of $660, or 1.2% of their after-tax income. While they would get an initial, tiny tax cut, the numbers would get worse over time: “By 2027, more than one of every four middle-income families would pay more in taxes.” – a tax increase.

Recent reports indicate that House Republicans may simply adopt the Senate approved plan because they are feeling pressure not just from Trump but also from wealthy GOP donors, who have threatened to put up challengers against sitting congressmen if they fail to deliver.
the House of Representatives is expected to approve by Thursday. – Washington Post

As a reminder, the GOP’s attempt to repeal the Affordable Care Act and replace it with {“TRUMP-DON’T CARE”} was only defeated because Americans — both on the left and the right — stood up and objected.

see full article at
www.cnn.com/2017/10/22/opinions/trump-tax-cuts-opinion-obeidallah/index.html

Team Trump can’t ‘guarantee’ middle class won’t face tax increase
Worse yet, the GOP plan would increase the lowest tax rate from 10 percent to 12 percent.
from
class=smaller> www.msnbc.com/rachel-maddow-show/team-trump-cant-guarantee-middle-class-wont-face-tax-increase


There are now three GOP senators freely standing up to Trump

Arizona Sen. Jeff Flake announced on the Senate floor Tuesday he wouldn’t seek re-election.
Flake’s speech burning Trump gets standing ovation from some Republicans.
Flake: “I know that a lot of us are concerned about the debt and deficit and want to make sure that this is actually tax reform and not just a tax cut”

Flake brings the number of ardent Trump-defying Republicans to three in the US Senate, a magic number that is enough to block even simple majority votes in the Senate, where Republicans have 52 members.

Senator Corker told CNN’s Manu Raju Tuesday that Trump’s legacy be “the debasing of our nation, the constant non-truth telling, just the name-calling.”

Corker, Flake and McCain, no matter their frustrations with the President, are still Republican senators. They aren’t expected to vote against GOP proposals like tax reform that have been on their own legislative wish list for decades. – {without a ‘Republican’ reason}

Corker has already made it clear that he won’t support any tax bill that adds “one penny” to the deficit

McCain has insisted on “regular order,” a process that includes hearings, mark-ups and open debate on the tax bill.

Corker and McCain, chair the Senate foreign relations and armed services committees respectively, among the most powerful in the Senate. And, both can use their committees, to check Trump’s executive powers when it comes to the world stage.

On Tuesday, for example, Trump’s originally scheduled visit to Capitol Hill on Tuesday was supposed to present an opportunity for the GOP to display unity on tax reform. Instead, it was Corker’s attacks and Flake’s blistering speech that dominated the news.

from
class=smaller> www.cnn.com/2017/10/25/politics/jeff-flake-john-mccain-bob-corker-trump-legacy/index.html

 

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