Tag: GOP support of increasing income inequality

Two little-known ways GOP tax bill would make chasm between rich and poor even wider

The following article by Daniel Hemel, Assistant Professor of Law at the University of Chicago, was posted on the Conversation website December 4, 2017:

Protest signs are seen in front of the office of Sen. Marco Rubio (R-Fla.) as protesters urge him and others in the U.S. Senate to vote against the $1.5 trillion tax cut. Credit:
Joe Raedle/Getty Images

The tax bill passed by the Senate in the wee hours of Dec. 2 will – if it becomes law – widen the gap between the rich and the poor at a time when income inequality is already approaching historic heights.

Initially, most U.S. households are likely to experience a modest tax cut under the Senate plan. However by 2027, the average family earning less than US$50,000 would pay about $250 more in taxes under the Senate plan, while the average family earning more than $1 million would experience a tax cut topping $8,000 a year, according to estimates from Congress’s own Joint Committee on Taxation.

Yet even those stark statistics understate the full impact of the Senate bill on long-term inequality in the United States. Continue reading “Two little-known ways GOP tax bill would make chasm between rich and poor even wider”

Disastrous Republican Tax Plan Is Only the First Step in Long Term Effort to Cut Social Security and Medicare, Exacerbating Inequality

The following article by Steven Rosenfeld was posted on the AlterNet website December 2, 2017:

Great damage is being done, even as the Trump mob is targeted by Robert Mueller.

President Donald Trump walks with House Speaker Paul Ryan, November 2017. Credit: AP/Jacquelyn Martin

The wheels of justice might be turning with the guilty plea by Trump campaign and White House aide Michael Flynn and the reality that the presidents’ team are real targets, but that will not stop the GOP Congress and White House from gutting essential social safety nets.

The GOP tax plan, which passed the Senate 51-49 early Saturday with no Democrats voting yes, now moves to the phase where differences in the House and Senate bills get ironed out. That will prompt fierce lobbying and protests, but a major bill transferring wealth from the middle-class to the best-off Americans will be passed and signed by Trump.

If all the Republicans were doing was lining the pockets of the already rich, that would be bad enough—pick your adjective. But that’s not the endgame. Before the Senate voted, Senator Marco Rubio of Florida, a past presidential candidate, said the Republicans must make additional cuts to Social Security and Medicare, both federal programs for those over age 65 as well as people with disabilities and parentless children (such as Republican House Speaker Paul Ryan as a youth). Continue reading “Disastrous Republican Tax Plan Is Only the First Step in Long Term Effort to Cut Social Security and Medicare, Exacerbating Inequality”