Listen to billionaire Tom Steyer explain the Republican tax plan. The plan makes no economic sense for anyone except the ultra-rich. It’s definitely something that should never pass, but they will try hard. It’s basically theft from the American people so that the top wealthiest people can get a giant tax cut. That’s what their “health care” plan was all about as well.
Some key takeaways from the tax plan are below. (Washington Post)
- The plan will add to America’s $20 trillion debt. There are lots of tax cuts spelled out. There are almost no loopholes eliminated.
- The rich make out pretty well. The White House vows poor people won’t have to pay more than they do now, but there are few specifics in the plan so far to ensure that.
- Businesses (both small and large) get major tax cuts.
- Most people will pay lower taxes, although it’s unclear if the rich get a bigger break than the middle class.
- There are still a lot of details Congress has to figure out.