House Speaker Paul Ryan got some bad news on his Republican tax cut plan from the CBO on Wednesday. It’s such a huge giveaway to corporations and the super-rich, it will add $1.7 trillion to the national debt. And he’s okay with that.
— HuffPost (@HuffPost) November 8, 2017
According to USA Today, Ryan said:
I fundamentally believe when we deliver on comprehensive tax reform and tax relief, especially for middle income families, people will see their paychecks going up, they’ll see faster economic growth, better jobs being created,” the Wisconsin Republican said during a breakfast forum sponsored by the Washington Examiner.
Paul Ryan’s claims that the GOP tax cut plan would help the middle class is being called everything from misleading to an outright lie.
Shepherd Express minced no words in calling out the Republican House speaker. “Ryan’s sudden embrace of deficit-exploding tax cuts exposes the biggest lie of his political career.”
Reminder as Pete Sessions and House Republicans race to pass Paul Ryan's Washington insider tax bill:
It means huge permanent cuts for corporations and the rich & a shell game for middle-class families https://t.co/Q8aseudJH2
— Ed Meier (@EdforTX) November 8, 2017
The Washington Post also exposed the GOP plan as a scheme to help the corporate donor class, and almost no one else:
Enough of the GOP’s proposed tax changes so obviously tilt toward the rich (e.g. repeal the alternative minimum tax, create a 25 percent pass-through rate) that you may have figured out the “middle-class tax cut” is more like “a corporate and rich guy tax cut.”
Among the most obvious tilt toward the richest people in America would also benefit Trump. The elimination of the estate tax won’t save family farms, as touted by Republicans. It would land in the pockets of individuals with estates valued at more than $5.49 million – $11 million for married couples, and applies to cash, real estate, stocks, and other assets, according to the Center on Budget and Policy Priorities.
But there are even more horrors for working class Americans buried in the Trump-Ryan handout to the rich disguised as a tax reform plan.
American Progress is also sounding alarm bells on just how many people will be hurt by this part of the Republican agenda:
… Many middle-class and working families will see tax increases because the plan eliminates tax deductions and credits on which these families rely. Millionaires, on the other hand, would get huge tax cuts under this new plan. CAP compared the congressional tax plan’s effects on four hypothetical taxpayers who would see increased taxes from the plan, and one wealthy family who would see enormous tax cuts.
Since there is nothing to suggest that millions of Americans are eager to pay higher taxes so corporations, CEO’s, and billionaires can raise their own take-home pay, Paul Ryan & Company look like their pursing yet another legislative scheme that needs to fail.