Thursday, October 4, 2018

WE PAY - THEY TAKE

(Cory Doctorow at BoingBoing.net)

"Tax Reform 2.0 was rammed through the House at the literal exact same moment that everyone in America was watching Brett Kavanaugh caper and gibber for the US Senate.

It's a tax gift of $3.1 trillion over ten years, with the major beneficiaries being those with more than $3.9 million in annual income."

(CNBC.com)

"This is all borrowed money that will go to corporations and high-income earners," said Rep. Richard Neal of Massachusetts, the senior Democrat on the Ways and Means Committee. The new legislation "is another reckless tax cut for the wealthy that leaves behind average, hardworking families."

While the new law slashed the corporate tax rate permanently from 35 percent to 21 percent, its tax cuts for individuals and the millions of U.S. "pass-through" businesses expire in eight years. The "pass-through" businesses funnel their income to owners and other individuals, who then pay personal income tax on those earnings, not the corporate rate. They are allowed under the new law to deduct 20 percent of the first $315,000 of their earnings."

In Destroying Social Security, GOP Has No Plans for Elderly Americans
(Barbara G. Ellis at Truthout.org)

"For decades, congressional Republicans have been rigorously supported by Republican presidents like George W. Bush and Donald Trump in vain attempts to steal the trillions from the “lock-box” of the self-sustaining Social Security Trust Fund. In 2017, it stood at $2.9 trillion, an astronomical sum that could easily cover those tax-cut bills today."

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