Even as President Trump promised on Monday that “We’re going to give the American people a huge tax cut for Christmas — hopefully that will be a great, big, beautiful Christmas present,” a nonpartisan assessment of the tax reform bill tells a different story.
First, the assessment, conducted by the Tax Policy Center, shows that 9 percent of taxpayers would be paying more by 2019; by 2027, that figure will burgeon to 50%.
Second, it shows that the increased productivity will yield about $169 billion in economic growth over a ten-year period, hardly enough to cover the $1.5 trillion deficit load that the Tax Cuts and Jobs Act will create over the same period.
Senator Don Wyden (D-Oregon), the top Democrat on the Senate Finance Panel, said the Tax Policy Center study demonstrated that “middle-class Americans will ultimately see a tax hike under Republicans’ plan while corporate sponsors line their own pockets with multi-trillion-dollar giveaways.”
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