The GOP tax plan is a thousand-plus-page dog's breakfast of last-minute additions, giveaways, and complexity larded upon complexity, making it nearly impossible to parse out (so much for simplifying the tax code!), but the nonpartisan, Brookings-backed Tax Policy Center's new analysis goes a long way to untangling this ugly mess.
The bill has been transformed in its reconciliation stage: earlier drafts gave huge returns to the rich, but the final goes even further: 83% of the benefits of this plan will go to the richest 1% of Americans. To pay for it, the GOP will cut Medicare, Social Security, education, healthcare, and basic assistance like food stamps.
By 2027, more than half of all Americans — 53 percent — would pay more in taxes under the tax bill agreed to by House and Senate Republicans, a new analysis by the Tax Policy Center finds. That year, 82.8 percent of the bill’s benefit would go to the top 1 percent, up from 62.1 under the Senate bill.
And even in the first years of the bill's implementation, when it’s an across-the-board tax cut, the benefits of the law would be heavily concentrated among the upper-middle and upper-class Americans, with nearly two-thirds of the benefit going to the richest fifth of Americans in 2018.
Distributional Analysis of the Conference Agreement for the Tax Cuts and Jobs Act [Tax Policy Center]
The Republican tax bill got worse: now the top 1% gets 83% of the gains
Mark Zuckerberg has told the governments of the United Kingdom, Canada, Argentina, Australia and Ireland that he is "not available" for a planned hearing on political disinformation and Facebook.
Amazon's new headquarters will be split between northern Virginia and parts of Queens, New York, and will net the company billions in corporate welfare, branded as "incentives."
Data breaches keep happening, they keep getting worse, and yet companies keep collecting our data in ever-more-invasive ways, subjecting it to ever-longer retention, and systematically underinvesting in security.
In photography as in film, all the real artistry is in post-production – increasingly so, with the new possibilities cropping up in digital imaging. If you’re ready to get serious about your photography, may we suggest HDR Projects 2018 Pro. As working photographers can tell you, this imaging software can help you re-imagine even the […]
A picture can be worth a heck of a lot more than just a thousand words. If you’ve squinted for ages trying to get just the right photo, you might have the right passion for a career behind the camera. You might even have the right equipment, but do you have the know-how? The Beginner-To-Expert […]
In case you hadn’t noticed from the sleigh bell-heavy music and the hues on your Starbucks cup, the holiday season hasn’t shown any more patience this year. But that doesn’t need to be a bad thing, especially if you’re hoping to get a jump on your shopping. Retailers aren’t waiting til Black Friday to dish […]