The “tax boondoggle” was made for the Corporatopia. It transfers our money into the hands of the super-wealthy, offshore for mega-companies like Google and the big banks, special provisions for those poor little oil and gas companies. Meanwhile, it micromanages the poor while screwing them over. Something or other happens to the middle class.
According to today’s New York Times it has:
– “the Donald J. Trump loophole” to cut taxes for billionaires,
– odiously large tax break on the profits mega-corporations have accumulated in offshore tax havens,
– a way for banks to avoid taxes by making payments to offshore subsidiaries,
– an omission on interest payments by car dealers,
– ensures that gas and oil operators will qualify a new, lower passthrough rate,
– the potential loss of a tax credit for research and experimentation,
– a bizarrely structured family leave provision that won’t count in states that already have family leave, including California, New Jersey, New York, and Rhode Island,
– makes gift cards into taxable income which will hit low-income workers the most,
– fails to include a requirement for the IRS to offer advice to low-income filers,
– a provision that allows families to use up to $10,000 a year from tax-advantaged 529 savings accounts for private and religious schools and some home schooling,
– puts a new social pressure on the taxing duties for local governments, and
– makes graduate students pay taxes on tuition waivers.
Who gains from this bill? The very rich. Who loses the most? The poor and middle class. Some will say that there are tax cuts across the board and that’s good. If you buy that, I have some snake oil here for you. The fact of the matter is that this will limit economic mobility while further dividing us from the haves and have nots.
It’s the LNMB Tax Plan: Leave No Megadonor Behind.
You better be on the phone and in the offices of your Senators and Representatives to get this thing overhauled. It’s not over until its over.
Peter Walks for Democracy 