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
Grant Burningham interviewed me for his Bots and Ballots podcast (MP3), covering a bunch of extremely timely tech-politics issues: Facebook and the impact of commercial surveillance on democratic elections; Alex Jones, censorship and market concentration; and monopolism and the future of the internet.
Who likes socialism and mistrust capitalism? Democrats and young people, who are mostly the same people.
Disney is being sued by the Michael Jackson estate for using fair-use clips in a biopic called "The Last Days of Michael Jackson" -- in its brief, the company decries "overzealous copyright holders" whose unwillingness to consider fair use harms "the right of free speech under the First Amendment."
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