Not in a million years: The House’s proposed windfall for donors

  Congressional proponents of the House Republicans’ tax plan, called the Tax Cuts and Jobs Act, claim that it will benefit the middle class. But in reality, it is a huge giveaway to the donor class—including a handful of top donors who have bankrolled the campaigns of Republican leaders in Congress. In fact, just the bill’s estate tax cuts alone would allow the families of 11 prominent donors, listed below, to pocket up to $67.5 billion. The typical U.S. family couldn’t earn that much in a million years.

  That’s not a figure of speech: The typical American family would have to work for 1,144,020 years to make the same amount of money as congressional majority leaders want to give away to the heirs of just these 11 wealthy individuals who helped them get elected.

The most horrifying provisions hidden in the House Republican tax plan

  Last week, House Republicans released their tax plan, finally providing long-awaited details on what they really mean when they promise “tax reform.” While they billed it as a middle-class tax cut, the new legislation is filled with gifts for wealthy corporations and the richest Americans. Meanwhile, middle-class and working families would at best get scraps—and in many cases, see their taxes increase.

  Many of the most extreme tax increases come in the form of eliminated tax credits or deductions buried deep in the text of the bill—and ignored by lawmakers and the media. With tax increases affecting groups ranging from seniors and people with disabilities, to families facing costly medical bills, to immigrant children, to people with student loans—to name just a few—the bill is a virtual laundry list of tax increases on populations who are often struggling to make ends meet.

4 losers and 1 big winner in the House GOP tax plan

  On November 2, House Republicans released a tax plan that would provide an enormous windfall for corporations and the wealthiest Americans. In fact, of the more than $1.4 trillion in tax cuts included in the bill over the next decade, $1 trillion would go to businesses and corporations, and nearly $200 billion would go towards reducing, and eventually eliminating, the estate tax. Millionaires would enjoy the biggest tax cuts of all thanks to the corporate tax cuts, the elimination of the estate tax and alternative minimum tax, reduced tax rates on higher incomes, and the creation of a special new loophole on so-called passthrough business income.