Congress on Tuesday is set to begin voting on the largest U.S. tax system overhaul in more than 30 years, but America's middle class will see less than a quarter of the savings under the legislation.
The very rich will once again benefit the most, but the plain old rich will pay more, at least according to The New York Times.
Middle-income households — those making $20,000 to $100,000, which makes up half of all taxpayers — will get $61 billion in tax cuts in 2019, according to an analysis released Monday by Congress’ Joint Committee on Taxation. That equals what America’s richest households will get in cuts: Those earning more than $500,000 a year — the "1%" as they're known — will also get $61 billion in cuts in 2019 under the bill.
"That includes income earned by pass-through businesses such as partnerships and S-corporations that pay taxes on individual returns. It doesn’t include the benefits of estate-tax reductions," The Wall Street Journal reported. "Much of the rest would go to businesses in the form of corporate tax cuts, according to the JCT analysis."
Guess that's why the tax-cut plan being jammed through Congress just before lawmakers' holiday break is so unpopular with Americans. "The Republican tax plan pending in the U.S. Congress benefits the wealthy the most, 64 percent of American voters say, while 24 percent say the tax plan benefits the middle class and 5 percent say it benefits low-income people," according to a Quinnipiac University national poll released last week.
"The plan will increase their taxes, 41 percent of voters say, while 20 percent say the plan will reduce their taxes and 32 percent say the plan will not have much impact on their taxes," Quinnipiac reported.
But it's full steam ahead with the plan, warts and all. And Trump is pumped.
The House will move first with a planned vote on Tuesday afternoon. The Senate is expected to follow on Tuesday night or Wednesday morning, after the required 10 hours of debate.
Both chambers are expected to vote along party lines. That will make the vote tight in the Senate, where Republicans hold a 52-48 margin — but Sen. John McCain will not vote as he has returned to Arizona to recover from cancer treatment. In addition, Sen. Jeff Flake, also of Arizona, remains undecided.
Just in case, Vice President Mike Pence rescheduled a trip to Egypt and Israel in the event his tie-breaking vote in the Senate is needed.
Republicans say the tax cuts for corporations and small businesses will help boost the economy, helping spur job growth and thus, helping everyone. But Democrats argue the bill would add $1.5 trillion to the federal debt and is nothing more than a giveaway to corporations and the wealthy.
"There are so many rip-offs in this bill that people are going to say this is some kind of new Gilded Age," said Oregon Sen. Ron Wyden, top Democrat on the Senate Tax Committee, according to Reuters.
Some Republicans in the House, where the GOP holds a 239-193 margin over Democrats, are expected to vote no.
"It's still a bill that's going to give tax relief to other parts of America on the backs of New Yorkers. So I'm still going to vote 'no,"' said Republican Rep. Dan Donovan of New York.
To see what you'd get back, check out this story on the Daily Wire.