GOP +TRUMP tax cuts are a MASSIVE transfer of money from the 99% to the top 1% of Americans.

May 4, 2023

The Trump Tax Law will enrich the RICHEST by $83,970 in Utah

The TCJA Permanency Act would make permanent the provisions of the Tax Cuts and Jobs Act of 2017 that are set to expire at the end of 2025.

The legislation would disproportionately benefit the richest Americans.

In Utah the riches would be enriched by 84,000 dollars, and all others in Utah would see trivial savings in the range of 230 to 1,400 in taxes in 2026. The richest in our country, who clearly do not need more money, would be rewarded with windfalls 365 times the amount that the poorest would secure. (84,000/230=365). The rich have lobbied for favorable tax policy like this for many decades and This regime is happy to take bribes for such favored status.

This kind of a tax policy steals from almost everyone and gives almost all of our money to the wealthy.

https://itep.org/trump-tax-law-tcja-permanent-state-by-state-estimates/

https://itep.org/extending-temporary-provisions-of-the-2017-trump-tax-law-national-and-state-by-state-estimates/

Key findings

● The recently introduced TCJA Permanency Act would make the temporary parts of the Tax Cuts and Jobs Act of 2017 (TCJA) permanent at a cost of $288.5 billion in 2026 alone.

● The poorest fifth of Americans would receive just 1 percent of that total while the richest fifth of Americans would receive nearly two-thirds.

● The bill’s most beneficial provisions for the richest 1 percent of taxpayers are the deduction for “pass-through” business income and the cut in the estate tax.

● The combined impact of extending the temporary TCJA provisions and the TCJA provisions that are already permanent is even more tilted in favor of the richest Americans.

The TCJA Permanency Act, recently introduced by Congressional Republicans, would make permanent the provisions of the Tax Cuts and Jobs Act of 2017 that would otherwise expire at the end of 2025. The bill would cost $288.5 billion in 2026 alone.[1] The legislation would disproportionately benefit the richest Americans in several ways:

1) In 2026 the poorest fifth of Americans would receive just 1 percent of that total while the richest fifth of Americans would receive nearly two-thirds of that total.

The richest 20 percent would receive 63 percent of the tax cuts in 2026 and the richest 5 percent alone would receive nearly 40 percent of the tax cuts.

https://sfo2.digitaloceanspaces.com/itep/Extending-Temporary-Provisions-of-TCJA-figure-1.png

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GOP budget plan will decimate food programs for children and poor neighbors, family and friend AND toss seniors on the streets from nursing homes, end medical coverage for many of the 72 million Americans who rely on it, make care worse for everyone, and result in >15,000 additional deaths by some estimates.

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Indivisible has a weekly newsletter about how the white house and GOP plan to fund this massive give-away to the rich.

The plan is to slash medical care for our most vulnerable (the poorest, sickest, disabled, kids, chronically incapacitated persons) and shifting almost one trillion taxpayer money to ultra-wealthy able-bodied families who CLEARLY don't need EVEN more money. They already own everything.

What's happening this week re: Trump's tax scam

This week, congressional Republicans return to DC after two weeks in their home districts meeting with hiding from constituents during April recess. Just before that recess, they finally passed a budget resolution to serve as

the blueprint for their Medicaid-killing, SNAP-slashing, and billionaire-enriching reconciliation plan, but

even that early step came with blaring warning signs for GOP leaders:

The resolution -- typically one of the easiest steps towards a final bill --
barely advanced after several false starts and delayed votes, and it only i
ncludes broad spending goals, not specific figures, due to sharp disagreements
about what funds to cut.
Twelve House Republicans -- enough to sink the bill in the House --
signed a letter opposing reductions in Medicaid coverage; meeting the budget
plan’s stated targets is nearly impossible without historic cuts to Medicaid
(among many other things).
We’re betting that the fissures in the Republican caucus only grew wider
during recess, when lawmakers unwillingly dealt with huge crowds of fired
up voters and pointed coverage of Medicaid and SNAP cuts from local media.

Now, Republicans are sprinting to write a bill that unites their fractured caucusaround hundreds (maybe thousands) of line-items detailing cuts to Medicaid, SNAP, and other

popular programs that working folks rely on. The GOP wants this done quick and quiet because t

hey know the more it gets talked about, the less popular it becomes.

Our job is to make the bill-writing process as long as possible -- with as much public

pressure and scrutiny as possible. Right now, the top way to do that is to call your Republican representative to say we won’t

pay the price of Trump’s tax cuts to billionaires!

If you have Republican senator(s), you can also call your Republican senator(s) to demand that they fight cuts to Medicaid and SNAP.

News coverage:

Center on Budget and Policy Priorities

Medicaid Work Requirements Could Put 36 Million People at Risk of Losing Health Coverage

Recent proposals from Republican congressional leaders and conservative think tanks would cut Medicaid by taking coverage away from people...

MSNBC News

If Congress cuts Medicaid, everybody’s access to healthcare will suffer