Turns Out, The Rich Will Pay An Even Bigger Share Of Income Taxes Under GOP Tax Cuts

IBD ^ | 04/25/2018

[SeekAndFind]

Tax Fairness: The most frequently repeated complaint about the Republican tax cuts is that they are a massive "giveaway" to the rich. New evidence shows that this claim, like almost every other attack on the tax bill, is false.

In the run-up to the passage of the tax reform plan, which President Trump signed into law on Dec. 22, critics attacked it on several fronts.

They said there was no way the tax cuts would spur extra economic or job growth. But after the tax cuts went into effect, several economists sharply increased their growth forecasts for 2018.

They said the plan would raise taxes on the middle class. Nancy Pelosi claimed as recently as this month that the tax bill will boost taxes on "86 million middle-class families." Even the Washington Post called her out for this falsehood.

They said none of the benefits of the corporate tax cuts would "trickle down" to workers. That would be news to the more than 4 million workers who've received bonuses, wages, or improved benefits as a direct result of these cuts.

They also said the tax bill was a budget buster that would never come close to paying for itself. But the latest CBO report shows that the extra economic growth created will offset a substantial portion of the tax cuts.

Giveaway To The Rich? However, the most frequent charge leveled against the GOP tax cuts was that it would make the tax code less fair. It was, they said, a "huge," "massive," "the most insane" (pick your over-the-top adjective) giveaway to the rich.

Now we know that this, too, is false.

Boston University economist Laurence Kotlikoff, along with University of California, Berkeley, economist Alan Auerbach, conducted a detailed analysis of the winners and losers of the tax bill.

[Opinionated Blowhard]

Yes, this is good PR to counter the Dem narrative that the tax cut was a “give away” to the “rich”. But in terms of substantive policy, its not good. Our tax code has shifted more and more of the tax burden to the top 10% of income earners. That sets up a political dynamic where most voters are very happy voting themselves more entitlements and government spending because they don’t feel the pain of paying for it. No politician will dare propose a middle class tax hike to pay for it all. But the voters are willing to propose yet another upper class tax hike to pay for it. It isn’t sustainable.

[WMarshal]

The tax cut’s cap on the state and local tax (SALT) deduction is a prison shiv straight to the left’s nutsack.

When the DOJ starts prosecuting leftists for the Obama DOJ scam that ripped off banks and funneled billions to lefty NGOs and starts to confiscate the stolen money then “The wicked will see it and be vexed, He will gnash his teeth and melt away; The desire of the wicked will perish.” - Psalm 112:10

[griswold3]

And now a member of the Shake Down Cabal is running for Governor here in Ohio.
God save us from Richard Cordray
I believe i’ll grab a Dem ballot in the primary and vote for Kucinich