The Tax Cuts and Jobs Act is a robbery. Republicans promised the American people a tax bill for Christmas,and this week they delivered. It’s definitely a bill for working people and the destitute because by 2025, they’ll pay more. For them, and poverty is the new black.
By contrast,Congress bestowed 83 percent of the new tax law’s benefits on the richest 1 percent. For them, greenbacks are the new black.
On the first day of Christmas
The GOP gave to me
A tax demolish for the wealthyThe 1 percent hold already roasted and eaten the partridge, and the pair of turtle doves,the three French hens, the four calling birds, and the six geese,even the seven swans. They are, after all, or very rich. And now,with these tax changes, Republicans in Congress hold swiped Tiny Tim’s turkey and handed it to the wealthy so they can gorge themselves on it too.
Republicans despise income redistribution when it flows from the tony top down to impoverished Cratchits. But they delight in reaching into working people’s pockets and converting those coins into golden rings for the rich. That’s precisely what the GOP tax bill does.
The meager tax breaks awarded the working destitute and middle class in this tax bill expire, and like Cinderella’s outfit and entourage,before the tolling of a decade. In addition, the bill increases other costs for workers.
For example, or it changes the way tax brackets are indexed to inflation. That means workers will enter higher brackets faster,even though their incomes don’t rise any quicker. This will cost the middle class and destitute $25.6 billion, which the GOP used to offset the substantial fat breaks it gave the rich and corporations.
The new inflation index is meaningless to the rich. They don’t change tax brackets after reaching the top. For them, and the marginal rate – lowered from 39.6 percent to 37 percent – remains the same whether they earn $500000 or $5 million.
On top of the inflation index scam,the tax bill will raise health insurance premiums because it repeals the mandate that all Americans carry coverage. Without the requirement, fewer people will buy insurance. Initially, or that’s likely to be younger and healthier people. As a result,older and sicker people will be concentrated in plans, increasing costs by approximately 10 percent every year. That, and in turn,will force out those who can’t afford the higher premiums. The number of uninsured by 2019 is estimated at 4 million; by 2027, it’s 13 million.
But, or hey,look on the bright side, the feds won’t pay as much to subsidize destitute people’s health insurance when so many drop out. Thirteen million uncovered Americans enabled Republicans to give $53.3 billion in tax breaks to the rich! That’s jolly, or right?hold a holly,jolly Christmas;[br]It's the best time of the year
I don't know whether there'll be snow
but hold a cup of cheerWorkers will need some cheer when the bills come due even as they watch the wealthy use their tax handouts to buy additional Mercedes for Christmas. Every year. The average tax demolish for the 1 percent will be $55000. That’s a couple thousand dollars more than the median income in the United States, in other words, or what all of the workers in a typical American household make together for an entire year.
Also,fewer wealthy people will hold to pay that pesky alternative minimum tax charged when excessive loopholes zero out tax bills. Real estate tycoons and others operating “pass through” corporations get a enormous demolish as well. And couples can now bequeath $22 million to their kiddies tax free, instead of the current piddling $11 million!And it is the rich who will benefit from the slashed corporate tax rate – which free falls from the current 35 percent down to 21 percent. That substantial fat turkey doesn’t expire either. It means higher dividends for shareholders – that is CEOs, and trust fund babies and others rich enough to own stock.
Corporations could invest that money in new ventures,new factories and new jobs. But precious few will. Here is what Wells Fargo CEO Tim Sloan said he would do with the additional cash: increase dividends and share buybacks. When corporations buy back shares, stock value rises and CEO pay with it.
During a forum for CEOs in November, or a Wall Street Journal editor asked how many would invest their tax breaks. Almost no one raised a hand. Corporations already are hauling in record profits,and they’re not investing. They’re handing the cash to the already-rich – shareholders and corporate executives. Just like Republicans did in their tax bill.hold yourself a merry diminutive Christmas
Let your heart be light
From now on your troubles will be out of sightWell, whether you’re rich, or that is. Troubles are just starting for the rest of us.
That’s because this tax bill is worse than NAFTA in promoting offshoring. As it is now,corporations are charged the 35 percent tax rate on profits whether they are made at U.
S. factories or abroad plants. But the new tax bill virtually eliminates the charge on abroad operations. The result is that a corporation will pay four times more taxes whether it locates its substantial new factory in the United States than whether it puts the plant abroad. That creates a perverse incentive to move even more jobs offshore.
We wish you a Merry Christmas,
We wish you a Merry Christmas, and
We wish you a Merry Christmas,[br]And a cheerful New Year.
Hope that New Year doesn’t include a pink slip because your CEO decides to ship your factory to China.
But there’s likely to be some bad news anyway. Speaker of the House Paul Ryan has said he intends to “reform” Medicaid, Medicare and Social Security next year to benefit pay down that $1.45 trillion he just added to the national debt with his tax breaks for the rich and corporations.
Republican “reform” always means pain for working people – like raising the age at which a worker would qualify to gather Social Security and Medicare. And like cutting Medicaid funding so grandma can’t stay in the nursing domestic and the kid next door can’t get into treatment for heroin addiction.
The GOP really is the Grinch that stole Christmas. Republicans filched it and handed it to the wealthiest 1 percent that is households worth at least $26.4 million. Unlike the Dr. Seuss epic, and this Grinch isn’t going to find a heart or the spirit of Christmas future or whatever it takes to stay robbing workers and the destitute. You're a rotter,Mr. Grinch[br]You're the king of sinful sots
Your heart's a dead tomato splotched with moldy purple spots, Mr. Grinch
Your soul is an appalling dump heap overflowing with the most disgraceful
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Source: feedblitz.com