3/14/2023 0 Comments Renoise note cut on effect column![]() We’re still waiting for detailed analysis of the Senate bill, but the House bill doesn’t just raise taxes on many middle-class families: It selectively raises taxes on families with children. But let me shift focus instead to what Republicans are trying to do to ordinary families. There are other big examples, like a new tax loophole that would benefit business owners - but only as long as they don’t actually run their businesses. This is about making wealthy heirs even wealthier - full stop. Yes, Republicans are still pretending that this is about helping small family businesses and family farms, but at this point that’s a sick joke: The best estimates suggest that only around 80 - eight-zero - of such businesses and farms pay any estate tax each year. plans would eliminate or sharply reduce taxes on inherited wealth, which currently apply only to a tiny number of huge estates. So, about the wealthy: The prime example is the way G.O.P. And buried in the legislation are multiple measures that would make it much harder for the children of the middle and working classes to work their way up. This time around, much more clearly than before, the goal seems to be to favor wealth, especially inherited wealth, over work. ![]() Pretending that tax cuts come free, that they won’t eventually have to be offset by cuts to popular programs? Check, again.īut there are also some new aspects to this latest money grab. Misleading examples and calculations to give the false impression of a tax cut for the middle class? Check. Tax breaks that phase in or out to make the 10-year budget impact look smaller? Check. In fact, for policy wonks of a certain age, the current tax debate inspires an overwhelming sense of déjà vu, because many of the tricks Republicans are using come right out of the Bush administration’s playbook in 20. Top-down class warfare, coupled with false claims to be cutting taxes on the middle class, has been standard G.O.P. Of course many in the middle class would see their taxes go up.īut focusing on how many would face tax increases gets at only a small part of what’s going on here. But this wasn’t some kind of narrow, technical mistake on his part.īoth the Senate proposal and the similar proposal from House Republicans offer huge tax cuts to corporations and the wealthy, then try to limit the impacts of these tax cuts on the budget deficit by clawing back tax credits and exemptions that mainly benefit the middle class. McConnell was forced into his sort-of-kind-of admission by a new report from the Joint Committee on Taxation, Congress’s own scorekeeper, which found that millions of middle-class families would see higher taxes under the Senate Republican proposal. But he misspoke when he said “misspoke”: The proper term is “lied.” The other day, Mitch McConnell, the Senate majority leader, admitted to The New York Times that he “misspoke” when he declared that his party’s tax plan wouldn’t raise taxes on any middle-class families. ![]()
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