We begin today’s roundup with The New York Times and its editorial on the new GOP tax plan:
With their new bill that would slash taxes on the wealthy and blow up the federal budget deficit, House Republicans and President Trump are making it absolutely clear whom they are working for — the top 1 percent — and whom they consider dispensable. Well, that’s pretty much everybody else…It will take experts weeks to fully analyze the House tax bill, but what we already know is frightening enough. No Republican who cares about fairness, economic sense and the financial health of the government can support with a clear conscience this shameless wealth transfer.
Here is John Cassidy’s take at The New Yorker:
[I]n gauging how the legislation would affect corporations and very wealthy people, we can be definitive: they will benefit hugely. Despite the fact that the bill
the top rate of income tax at 39.6 per cent, it represents a big giveaway to the rich, particularly the very rich. How so? The measure shifts the burden of taxation in the U.S. from corporations, which are largely run and owned by rich people, to households. It cuts the top rate on “pass through” business income—the sort of money generated by sole proprietorships, investment partnerships, and S-corporations—from 39.6 per cent to twenty-five per cent. And it phases out the estate tax, which falls heaviest on the largest estates, starting in 2024. Indeed, according to an analysis by the Committee for a Responsible Federal Budget, fully three-quarters of the over-all tax cuts in the bill are directed at businesses and large estates.