Will tax cuts help the economy or just the wealthy? | The Tylt

Will tax cuts help the economy or just the wealthy?

Congressional Republicans recently released their tax reform plan, which would reduce the top income tax rate from 39.6 to 35 percent. Many have criticized the GOP tax plan for cutting taxes on the rich, which they believe will only enrich wealthy individuals and corporations while saddling the economy with more debt. But Republicans argue their tax reform plan will boost the economy and benefit middle-class Americans, not just the wealthy. What do you think? 💰

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Will tax cuts help the economy or just the wealthy?
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#TaxCutsHelpTheRich
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Will tax cuts help the economy or just the wealthy?
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Congressional Republicans released the framework for their tax reform plan, which would raise the bottom income tax rate while lowering taxes on the rich.

The framework shrinks the number of tax rates to just three from seven today. The proposed rates are 12%, 25% and 35%... [a] drop in the top rate to 35% from 39.6%
Even though the administration says it wants reform to offer middle class tax relief, the framework calls for a 12% bottom rate, which is actually higher than today's lowest rate of 10%. But typical families in the 10% bracket today "are expected to be better off" when all the changes under reform are considered together, the blueprint says.
#TaxCutsHelpTheRich

Many have criticized the GOP plan, calling it nothing more than a tax cut for the wealthy, which won't help the middle class and could actually hurt the economy. Heather Long argues in The Washington Post:

The guiding principle of the tax plan that President Trump’s administration and top Republican leaders in Congress have spent months crafting appears to be tax cuts for all, even if they add $1.5 trillion to America’s already sizable $20 trillion debt.
Trump promised this is “not a plan for the rich” only a few days ago, but leaked details of the tax plan contradict that. What we know so far is this is a deal where most of the benefits go to the wealthy and large corporations. Many economists say it won't even do much to boost economic growth.
#TaxCutsHelpAll

But Republican Senators have defended their tax plan, arguing tax cuts will boost the economy enough to offset the $1.5 trillion deficit.

"Nobody's ever said — I haven't said — that tax cuts are going to pay for themselves," said John Kennedy of Louisiana, another member of the Budget Committee. "But no reasonable person can deny that when you cut taxes it generates economic growth, and you will have some additional tax revenue."
#TaxCutsHelpAll

Senator Orrin Hatch penned an op-ed in the Deseret News in which he also argued the GOP tax plan would significantly help all Americans and the economy.

When I took over as the lead Republican on the Senate Finance Committee in 2011, the committee and its members were focused and anxious to study, examine and vet policies to remake our tax system to meet the demands of today’s economy.
Our framework significantly expands the standard deduction, which will effectively cut taxes for tens of millions of middle-class families in Utah and across the country and ensure that many low- to moderate-income earners owe no taxes at all.
Tax reform will be a catalyst to allow hardworking American families to keep more of their incomes and businesses to grow, hire, invest and compete here and abroad. After too many years of sluggish economic growth and stagnant wages, the time for tax reform is now.
#TaxCutsHelpTheRich

But Senate Democrats aren't buying it.

#TaxCutsHelpTheRich
#TaxCutsHelpTheRich
FINAL RESULTS
Politics
Will tax cuts help the economy or just the wealthy?
#TaxCutsHelpAll
A festive crown for the winner
#TaxCutsHelpTheRich