The House GOP Tax Plan — Redistributing Wealth to the Wealthy
President Trump loves superlatives. Everything he does is record-breaking, the biggest or the best. And that goes for the tax cut plan he will sign if the House Republicans have their way. It won’t be the biggest tax cut in American history. But it will the most one-sided tax cut in our history with most of the benefits flowing to the top 1% of Americans. The House plan is truly an extraordinary piece of legislation. No tax proposal in American history — not even the big tax cut put forward by President Reagan — ever proposed giving 75% of the tax cuts to corporations and other large businesses. Yet that is what this plan does. It proposes a steep drop in the corporate tax rate from 35% to 20%. And rather than close the loopholes that allows most corporations to pay an effective tax rate of only 14%, it makes… Continue reading