🚨 🚨 🚨 The emerging House R tax bill appears highly skewed to the wealthy, w/ several regressive expansions of 2017 tax cuts & full of costly timing gimmicks, while, despite the working-class rhetoric, failing to deliver for millions of working class families - ThreadSky

chuckcbpp.bsky.social • 3 days ago

🚨 🚨 🚨 The emerging House R tax bill appears highly skewed to the wealthy, w/ several regressive expansions of 2017 tax cuts & full of costly timing gimmicks, while, despite the working-class rhetoric, failing to deliver for millions of working class families

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bipolarbearband.bsky.social•3 days ago

Imagine.

moonflower333.bsky.social•3 days ago

DAMNABLE NAZI IN OUR WHITE HOUSE!

chuckcbpp.bsky.social•3 days ago

Let’s start with its glaring failure to deliver on the #ChildTaxCredit for 17 million kids whose parents drive delivery trucks, cook meals, help care for the sick, and more … but don’t earn enough to get the maximum CTC
https://bsky.app/profile/krisycox.bsky.social/post/3lorxpqwvic2w

chuckcbpp.bsky.social•3 days ago

Plus the bill would take the #ChildTaxCredit away from 4.5 million U.S. citizen kids if either of their parents file taxes w/o an SSN – making it harder for these kids to succeed.
https://bsky.app/profile/shelbytgonzales.bsky.social/post/3lorulmbmdk2m

chuckcbpp.bsky.social•3 days ago

& talking about failing to deliver, the passthrough deduction in the 2017 law was an economic bust w/a huge cost. Treasury & Fed economists found no real evidence of increased investment, jobs, or wages for employees – & yet, Rs want to increase it
https://www.cbpp.org/research/federal-tax/the-pass-through-deduction-is-skewed-to-the-rich-costly-and-failed-to-deliver

chuckcbpp.bsky.social•3 days ago

The initial House Republican text increases the passthrough deduction to 22% -- a provision that skews overwhelmingly in favor of millionaires. So millionaire owners will pay a top tax rate of 28.9% while their highest paid employees pay 37%.

chuckcbpp.bsky.social•3 days ago

House Rs are also expanding the most skewed provision of the 2017 law: increasing the estate tax exemption by more than $1 million to $30 million per couple – this only affects the wealthiest 0.1% of estates & a large share of this money has never been taxed

chuckcbpp.bsky.social•3 days ago

On Tuesday, House Republicans in one committee will be taking away people’s health insurance and in another taking away food assistance, while in a third they will be permanently increasing the amount the wealthiest heirs in the country can inherit tax-free.

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