HOUSE GOP TAX INCREASE

MANY WORKING AND MIDDLE-CLASS AMERICANS WOULD SEE A TAX INCREASE UNDER THE HOUSE GOP TAX PLAN

Congressional Republicans have marketed their most recent tax plan, the “Tax Cuts and Jobs Act,” as a boon for American workers and a tax cut for the middle class. But the plan is heavily skewed to benefit the wealthy and corporations, including cutting the corporate tax rate from 35 percent to 20 percent at a cost of more than $1.4 trillion over 10 years; repealing the alternative minimum tax on high-income individuals at a cost of $696 billion; repealing the tax on estates worth more than $5.5 million at a cost of $151 billion; and creating a special new loophole that overwhelmingly benefits wealthy owners of pass-through business entities, such as limited liability companies and partnerships, at a cost of hundreds of billions of dollars.

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