Sunday, November 19, 2017

Sanders on the Repugnantan tax plan

He dispels the lying spin and reveals the truth of what's in this Bill. The rich get 50% of the tax breaks. By 2025 the small tax breaks the middle class will get will be eliminated and half of that demographic will then see a tax increase. Tax rates for corporations moving abroad with be lower, thus motivating them to leave the country and taking American jobs with them. The effective corporate tax rate is already about 14%, so cutting the nominal rate down to 20% effectively means no more taxes from them. And the $1.7 trillion deficit created by these breaks will be paid for by cuts to Medicare, Medicaid and Social Security. On top of that, it repeals Obamacare's individual mandate, thereby gutting that program.

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