Ultra-Rich Win Big Under GOP Tax Bill; Taxes Rise For Everyone Else
Source: Talking Points Memo
WASHINGTON (AP) — The ultra-wealthy, especially those with dynastic businesses — like President Donald Trump and his family — do very well under a major Republican tax bill moving in the Senate, as they do under legislation passed this week by the House.
Want to toast the anticipated tax win with champagne or a beer — or maybe you’re feeling Shakespearean and prefer to quaff mead from a pewter mug? That would cheer producers of beer, wine, liquor — and mead, the ancient beverage fermented from honey. Tax rates on their sales would be reduced under the Senate bill.
On the other hand, people living in high-tax states, who deduct their local property, income and sales taxes from what they owe Uncle Sam, could lose out from the complete or partial repeal of the deductions. And an estimated 13 million Americans could lose health insurance coverage over 10 years under the Senate bill.
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LOSERS
— An estimated 13 million Americans could lose health insurance coverage under the Senate bill, which would repeal the “Obamacare” requirement that everyone in the U.S. have health insurance. The projection comes from the nonpartisan Congressional Budget Office. Eliminating the fines is expected to mean fewer people would obtain federally subsidized health policies.
Read more: http://talkingpointsmemo.com/news/senate-gop-tax-bill-cuts-winners-losers-wealthy-health-insurance-loss
= new reply since forum marked as read
these assholes want our medicare and social security to be used as "OFF SETS" to pay for this BS, not happening
https://www.cbpp.org/research/federal-budget/policy-basics-the-pay-as-you-go-budget-rule
Policy Basics: The “Pay-As-You-Go” Budget Rule
The pay-as-you-go rule, also known as PAYGO, is designed to encourage Congress to offset the cost of any legislation that increases spending on entitlement programs or reduces revenues so it doesn’t expand the deficit. Under PAYGO, Congress must pay for such legislation by reducing other entitlement spending or increasing other revenues.
