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Wednesday, June 14th, 2023

New GOP Bills Would Hand Richest 1% Over $28 Billion in Tax Cuts Next Year

Author:     Jake Johnson
Source:     Common Dreams
Publication Date:     12 June 2023
 Link: New GOP Bills Would Hand Richest 1% Over $28 Billion in Tax Cuts Next Year
Stephan:  

The Republican Congress submissives who have been rented like whores by the oligarchs are trying to change the U.S. Tax structure to save the richest 1% billions of dollars. And how does it treat average Americans? The poorest 20%, they’ll get to save about $40. This is what corruption looks like and what it achieves for the corrupter.

Citation: To read the research study upon which this article is based see: Trio of GOP Tax Bills Would Expand Corporate Tax Breaks While Doing Little for Americans Who Most Need Help

Tax cut legislation that House Republicans are set to consider this week after pushing the global economy to the brink of disaster would deliver more than $28 billion to the richest 1% of Americans next year—and just $1.4 billion to the poorest fifth of the country.

That’s according to a new analysis of the legislation by the Institute on Taxation and Economic Policy (ITEP), which estimated Sunday that the poorest fifth of Americans would receive an average tax break of just $40 next year under the three new Republican bills, one of which is titled the Tax Cuts for Working Families Act.

By contrast, ITEP showed, people in the top 1% of the income distribution would see an average tax cut of $16,550 under the legislation.

The wealthiest 20% of Americans would receive a total of $60.8 billion in tax cuts next year under the new bills, which are unlikely to pass the divided Congress.

The three measures, which the House Ways and Means Committee is set to mark up on […]

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1 Comment

  1. Rev. Dean on Wednesday, June 14, 2023 at 6:29 pm

    This just proves how the Republicans are paid off and do not care about real people; especially poor people like me. I am on Social Security and am still at the same level of income as the Federal Poverty Level !