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4 Losers and 1 Big Winner in the House GOP Tax Plan

Source: americanprogress.org - Nov 7, 2017

On November 2, House Republicans released a tax plan that would provide an enormous windfall for corporations and the wealthiest Americans. In fact, of the more than $1.4 trillion in tax cuts included in the bill over the next decade, $1 trillion would go to businesses and corporations, and nearly $200 billion would go towards reducing, and eventually eliminating, the estate tax. Millionaires would enjoy the biggest tax cuts of all thanks to the corporate tax cuts, the elimination of the estate tax and alternative minimum tax, reduced tax rates on higher incomes, and the creation of a special new loophole on so-called passthrough business income.

Despite their plan’s payouts for the wealthy, House Republicans continue to claim that their plan is targeted toward benefiting the middle class. Senate Majority Leader Mitch McConnell (R-KY) even promised, “At the end of the day, nobody in the middle class is going to get a tax increase.”

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Category: General Business