PolyConundrum

Republican Tax Cuts Probably Aren't For You

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Virtually all of Trump’s tax cuts go to the top 1%. Cenk Uygur and John Iadarola, hosts of The Young Turks, discuss.

"According to the Tax Policy Center, the cuts that Team Trump included in their bullet-point outline last April could result in a loss of revenue between $3.4 trillion and $7.8 trillion over 10 years. To whom will those benefits go? We’ll give you two guesses, but you’ll only need one. Here’s Vox:

The package, the TPC finds, would overwhelmingly help the wealthy. Including the tax hikes [like doing away with personal exemptions and other common deductions], the overall plan would give the average family earning under $25,000 per year a $40 tax cut, or a 0.3 percent boost in after-tax income. The top 0.1 percent, earning above $3.4 million a year, would get an average tax cut of $937,700, or a 13.3 percent boost in after-tax income.

But wait, hasn’t Team Trump pitched their tax plan as a benefit for the middle and lower class that “isn’t about a dramatic cut in taxes for the wealthy,” as Treasury Secretary Steven Mnuchin said in April?…”*

Read more here: http://www.vanityfair.com/news/2017/07/trumps-tax-plan-23500-times-better-for-the-ultra-rich-than-the-poor