GOP tax bill is awesomely bad, raising taxes on half of middle class while mainly benefiting the idle rich. Why? 1/ nyti.ms/2hMbOpu
I think the way to see it is as result of tension between two goals: minimize taxes for Trump and friends versus limit deficit impact 2/
So we have estate tax repeal, of course, and low taxation of pass-through income -- e.g. on family businesses like Trump org 3/
But this, plus corporate cuts - gotta pay off big business -- costs a lot. So bunch of limits on top end and deductions lost lower down 4/
Rules to prevent every highly paid doctor and lawyer from becoming a pass-thru tax haven privilege passive investors, i.e., idle rich 5/
Meanwhile, removal of many deductions, for medical expenses, state and local tax, etc. hurt many in middle class. 6/
The result is a tax bill that effectively rewards those who are rich but don't work for it, preferably because they inherited the money 7/
And penalizes people who actually work for a living, even high-paid professionals. Populism! 8/
