The Problem With The GOP Tax Cut Is It’s Not Big Enough For Most People

Republicans want to tout their tax cut plan, but the problem is the cuts aren’t big enough (boldface mine):

Treasury Secretary Steve Mnuchin also said Americans would see benefits of the bill in their paychecks by February, but a new poll out this week from the godless communists at CNBC pokes a hole in that, too: apparently, just 32 percent of Americans reported having more take-home pay due to the cuts, including just 35 percent of middle-class respondents and 48 percent of Trump supporters. More than half saw no change, and 16 percent said they were unsure.

Of the 32 percent who did see more take-home pay, just 38 percent said the extra pay helps “a great deal” or “a fair amount.” The rest said “a little” or “not much at all.” As CNBC put it, this could mean more time is needed before Americans notice the benefits—or that the benefits are too small to make a significant difference.

Years ago, when a proposal for D.C. statehood was being bandied around, then-Democratic Senator Joe Lieberman proposed that, since it was extremely unlikely that D.C. would receive statehood, D.C. residents should be exempt from paying federal income taxes (if you wanted to file for EITC, you still would be able to do so). In other words, if there’s no Congressional representation, then there should be no taxation (that’s why D.C. license plates all have “Taxation without representation” on them).

For many residents (including some asshole with a blog) that would be a significant increase in income: I once calculated that would be equal to roughly a 29 percent pre-tax, ‘pre-Lieberman’ pay raise. That’s real money! And as my Uncle Harry used to say, “rich or poor, it’s always good to have money!” People with debts such as student loans would be able to pay them off much more quickly, and others could save in a few years enough for a down payment on a house. That’s a real difference. That isn’t to say a little money doesn’t help, but it’s not life-altering either.

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1 Response to The Problem With The GOP Tax Cut Is It’s Not Big Enough For Most People

  1. Fred says:

    It’s not even a tax “cut” for most people; when it’s few middle class defenders realize they can’t deduct state and property taxes, they will bust a vein.

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