Should-Read: Chye-Ching Huang and Brendan Duke: Vast Majority of Americans Would Likely Lose From Senate GOP’s $1.5 Trillion in Tax Cuts, Once They’re Paid For

October 9, 2017
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Should-Read: Chye-Ching Huang and Brendan Duke: Vast Majority of Americans Would Likely Lose From Senate GOP’s $1.5 Trillion in Tax Cuts, Once They’re Paid For: “The Senate Budget Committee will vote on a budget resolution that would allow Congress to move forward with tax-cut legislation that adds $1.5 trillion to deficits over ten years…

…The vast majority of Americans would be net losers from such a tax bill, if: (1) The $1.5 trillion in tax cuts were anywhere near as skewed to the top as those in the tax plan that President Trump and congressional Republicans unveiled last week. That plan would deliver 80 percent of its tax cuts to the top 1 percent of households by 2027, the Tax Policy Center (TPC) estimates. (2) The tax cuts were eventually paid for through the types of spending cuts in recent GOP budget proposals, which fall overwhelmingly on low- and moderate-income people. This analysis, following an approach that TPC used in its analysis of the potential ultimate effects of a prior Trump tax plan, captures the frequently overlooked reality of a plan that includes net tax cuts over the next decade: sooner or later, the cost will need to be offset…

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