Tax plan passes Senate

[running_coach]

@HeweyLogan

Millions does not equal “all”. And in fact it only equals a couple - a couple of states. A couple of states that chose a sleazy way to cover their own coffers at the expense of the federal government and other states.

A sleazy state tactic, and one I’m glad is gone (if it survives the committee).

Did I say “all”?
Forbes.

And while it’s never a bad time to be rich, things just got a whole lot better. Under the Senate bill, the richest 1% – those earning more than $700,000 – will enjoy an increase in after-tax income in 2018 of 2.2%, and an average savings of $34,000 (by comparison, the middle class will see an increase of 1% - 1.5% in after-tax income in 2018).

Ah…that middle class…the very group of taxpayers for whom this plan was designed, according to those who built it. While the majority of middle-income taxpayers will enjoy a tax cut right away, some won’t be so lucky, with the Tax Policy Center estimating that 15% - 20% of those earning between $86,000 and $300,000 will experience an immediate tax increase, resulting from the confluence of lost itemized deductions, eliminated personal exemptions, and slower indexing of the individual tax brackets.

By the time the budget gimmicks prevalent throughout the plan run their course in 2027, however, things are much different for the middle class. If the individual cuts are not extended at the end of 2025, the middle class will not only be left with nothing by 2027, nearly 60% of those earning between $86,00 and $300,000 will pay more than if these cuts were never enacted. Oddly enough, even IF the individual cuts expire, by virtue of the steep corporate cuts, the richest 1% do just fine, with only 16% experiencing an increase relative to current law.

So yes, the entire middle-class. I don’t see anything singling out specific states.