The GOP tax plan is a catastrophe in the making. It transfers our money into the hands of the super-wealthy and the mega-corporations. Meanwhile, it does next to nothing for lower-income families. It’s the Leave No Megadonor Behind Act of 2017.
According to the New York Times it has:
▪ “the Donald J. Trump loophole” to cut taxes for billionaires,
▪ enormous tax breaks for corporate offshore tax havens and a way for banks to avoid taxes by offshoring them,
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▪ ensures that gas and oil operators will qualify a new, lower passthrough rate,
▪ cuts a tax credit for research and experimentation,
▪ structures family leave provision that won’t count in states that already have them,
▪ makes gift cards into taxable income, which will hit low-income workers the most, and
▪ fails to include a requirement for the IRS to offer advice to low-income filers.
It also puts new pressure on the taxing duties for local governments makes graduate students pay taxes on tuition waivers.
Some will say that there are tax cuts across the board and that’s good. If you buy that, I have some snake oil here for you. The fact of the matter is that by pouring more money into the pockets of wealthy donors it will limit economic mobility, further divide us from the haves and havenots, and consolidate the power of the ultra-rich.
The Leave No Megadonor Behind Act of 2017 punches down. It is class warfare of the worst kind.
Peter Buckland, State College