Alright, alright. I'll bring it full circle in this final hour before the Senate votes. From the beginning we've been calling the #GOPTaxScam just that -- a scam. What makes it a scam? Here goes. (And all of my tax friends should jump in.) 1/
"This bill is a gift to the middle class."
On the contrary. By 2027, 83% of the benefits of the #GOPTaxScam go to the top 1%. taxpolicycenter.org/sites/default/… 2/
On the contrary. By 2027, 83% of the benefits of the #GOPTaxScam go to the top 1%. taxpolicycenter.org/sites/default/… 2/
It was NEVER designed to be a gift to the middle class. Its key features are a massive corporate tax cut, further erosion of the estate tax, and new tax breaks for hedge funds, private law firms, and the Trump Org. It lowers the tax rate on millionaires. 3/
"So simple, you can file on a postcard."
What a joke! The Senate chocked the bill full of complex new rules that tax experts are only barely beginning to understand. Who knows what Rs have actually done to the tax code. nytimes.com/2017/12/16/us/… 4/
What a joke! The Senate chocked the bill full of complex new rules that tax experts are only barely beginning to understand. Who knows what Rs have actually done to the tax code. nytimes.com/2017/12/16/us/… 4/
"The tax cuts pay for themselves!"
There's no serious analysis showing this. Even more generous dynamic scores, which account for macroeconomic effects, (and which Rs are perennially preoccupied) show that the bill STILL adds $1 trillion to the deficit budgetmodel.wharton.upenn.edu/issues/2017/11… 5/
There's no serious analysis showing this. Even more generous dynamic scores, which account for macroeconomic effects, (and which Rs are perennially preoccupied) show that the bill STILL adds $1 trillion to the deficit budgetmodel.wharton.upenn.edu/issues/2017/11… 5/
"This will help forgotten workers."
Absolutely not. Don't take my word for it -- ask the CEOs of the corporations getting a huge tax gift from Republicans. Are they going to create jobs or raise wages? No, they're going to please shareholders. bloomberg.com/news/articles/… 6/
Absolutely not. Don't take my word for it -- ask the CEOs of the corporations getting a huge tax gift from Republicans. Are they going to create jobs or raise wages? No, they're going to please shareholders. bloomberg.com/news/articles/… 6/
Seriously. Trump's top economic advisor asked for a show of CEO hands as to who would make worker-friendly investments. And the CEO hands didn't go up. vox.com/policy-and-pol… 7/
"This bill is good for families."
Actually, no. The final version -- even after all of the attention on Rubio holding out for a more generous Child Tax Credit -- STILL leaves out 10 million working families' kids. cbpp.org/blog/final-ctc… … … 8/
Actually, no. The final version -- even after all of the attention on Rubio holding out for a more generous Child Tax Credit -- STILL leaves out 10 million working families' kids. cbpp.org/blog/final-ctc… … … 8/
Going to leave it there since the final vote has started. Bottom line: the career con artist in the White House helped sell a bill of goods to the American ppl, & Rs in Congress passed it into law. They put their wealthy donors ahead of their constituents. We won't forget. 9/9
