“The Reverse Robin Hood”
“The biggest economic story in the country right now is the 1116-page tax bill that Republicans just passed through the House. President Trump was clear from the beginning about what he wanted, slashed taxes for the rich and powerful”“Two of the major economic modeling organizations — Penn Wharton at the University of Pennsylvania and the Congressional Budget Office — have finally released their models of what the Trump tax bill will mean for the economy. Remember that both of these models tend to use neoliberal economic assumptions about the economy that favor trickle-down economic policies over middle-out economics.”
“But even with those generous trickle-down biases in place, these models still warn that the Trump tax bill could result in economic disaster for working Americans, even as the wealthy few and corporations benefit. Penn Wharton’s model, for instance, flatly warns that the “average household in the lowest quintile — with a household income between $0 and $16,999 — would lose about $1,035” annually if the bill passes as written right now. The news isn’t much better for the next quintile: “incomes between $17,000 and $50,999 would lose $705 on average” per year. And those impacts are actually worse than what those dollar figures suggest — if you lose your Medicaid coverage, you can’t just earn and then spend $705 elsewhere to get new coverage. You simply no longer have healthcare.”
“By contrast, Penn Wharton estimates that families in the top 90-to-99.99% of the economy would take home $44,365 annually, while families in the top .01% would rake in an extra $389,280.“
“The Congressional Budget Office agrees with Penn Wharton’s assessment, noting in a letter to Congress [PDF] which “estimates that in general, resources would decrease for households in the lowest decile (tenth) of the income distribution, whereas resources would increase for households in the highest decile.”
“And remember, these numbers are from very conservative analysis that uses trickle-down biases when measuring the tax bills. The reality is likely to be much worse than these models suggest. This is quite literally robbing from the poor to give to the rich”
Remember when the right said they opposed any redistribution of income? Appears they don’t mind it when everything is funneled up to the top, and the irony is that the vast majority of them will be will lose with this “big beautiful” bullshit and they don’t even know it
There’s a reason the Trump and Johnson are trying to jam thru a 1,116 page bill as fast as they can