A Boring Dystopia

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GOP Proposes $4.5 Trillion Tax Giveaway to the Rich While 'Ransacking' Food Stamps and Medicaid (www.commondreams.org)

submitted 5 days ago by return2ozma to c/aboringdystopia

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[–] [email protected] -3 points 4 days ago

The title of this is a misleading simplification. $4.5 tn is not "Tax Giveaway to the Rich". It's a maximum cap on total tax cuts that could be in this budget. It is likely to include renewal of 2017 income tax cuts and increased child tax credit - both of these were popular and not just "for rich".

They may also raise SALT cap which benefits higher income people from states with high property taxes. Living in one myself, I can tell you that you don't need a mansion in a top school district to pay much more than $10k in property taxes. So this one is not just for billionaires for sure, but maybe from upper middle class.

There are promises Trump made to eliminate income taxes on tips and social security, which are obviously not beneficial only to rich. But I heard it would cost a lot, especially SS one. Not sure if $4.5tn is enough.

Unfortunately, it looks like proposed spending cuts to Medicaid and food stamps are favored by GOP and may be easy to pass, but they don't cover tax cuts by a big margin. So they can hurt people in need, and still have to balloon national debt even more.