|NO MORE WELFARE FOR THE WEALTHY!
The “Prince of Peace” Peace Candidate seeking The Democratic Party’s nomination for Indiana’s
Sixth U.S. Congressional District proudly proclaims a major campaign issue in “Saving America” is
“No More Welfare for the Wealthy”! How much did Trump and the Pence boys, Mike and Greg
benefit from the The Trump-Pence “The Tax Cuts and Jobs Act of 2017”? .In Indiana, the majority of
taxpayers, the bottom sixty % , with an average income of $35,000, received an average tax cut
of $480. Trump and friends, the richest 1%; received an average tax cut of $48,840. (100 x more
for the rich! How ‘s that for greed.?) This tax cut bill is simply a re-hash of the $350 billion Bush-
Mike Pence “Job Creations” Tax Cut of 2003.” . Under Bush-Pence, our national debt increased
$5.849 trillion. This is more “welfare for the wealthy”; Donald Trump, Mike and Greg Pence, et
al. Since 2000, there has been a loss of 4.4 MILLION MANUFACTURING JOBS. The
national debt today is $23.4 trillion. Over $3 trillion has been added to this debt in Trump’s/Pence’s
presidency. Tax cuts for the rich do not create jobs, but add to the national debt and the rich get richer
(BOLDNESS BY GEORGE HOLLAND FOR CONGRESS.COM)
Reproduced for "fair use" via the kindness of:
ITEP INSTITUTE ON TAXATION AND ECONOMIC POLICY
The Final Trump-GOP Tax Plan: National and 50-State Estimates for 2019 &
December 16, 2017 T
In 2019, the bottom three-fifths of Americans will receive smaller average tax cuts, as a share of
income, than other groups. In 2027 the bottom three-fifths of Americans will see tax hikes, on average,
while the typical households in one of the other groups will continue to receive tax cuts, albeit smaller
The Trump-GOP tax law will provide most of its benefits to high-income households and foreign
investors while raising taxes on many low- and middle-income Americans. The bill goes into effect in
2018, but the provisions directly affecting families and individuals expire after 2025, with the exception
of one provision that would raise their taxes. To get an idea of how the bill will affect Americans at
different income levels in different years, this analysis focuses on the bill’s impacts in 2019 and 2027.
The graph below measures the average tax change resulting from the bill as a share of income for each
income group, which is a way of showing how the income of a typical family in each group would be
changed. In 2019, the bottom three-fifths of Americans will receive smaller average tax cuts, as
a share of income, than other groups. In 2027 the bottom three-fifths of Americans will see tax
hikes, on average, while the typical households in one of the other groups will continue to
receive tax cuts, albeit smaller ones.
Impacts of Trump-GOP Tax Plan in 2019
The graph below divides Americans into five equal groups based on income and illustrates how only
one of these groups, the richest fifth of Americans, will receive more benefits from the tax bill than
foreign investors. This is because the biggest tax cut in the bill is the reduction in the corporate income
tax rate from 35 percent to 21 percent. As explained later in this report, the corporate tax cut will mainly
benefit those who own shares in American corporations. While some middle-income people own
shares, most are owned by high-income Americans and foreign investors.
Focusing on the bill’s benefits for Americans, we find that in 2019 more than half will flow to the
richest 5 percent of taxpayers, and more than a quarter will flow to the richest one percent of
taxpayers. In 2019, the average impact for the middle-fifth of taxpayers will be a tax cut of
$800. The richest one percent of taxpayers will receive an average tax cut of more than
$55,000. The average tax cut for richest one percent in 2019 will be larger than the average
income for the middle-fifth of taxpayers, which will be about $53,000 that year.
Impacts of Trump-GOP Tax Plan in 2027
In 2019, the average tax change for each income group would be a tax cut, but it is
nonetheless the case that many taxpayers in each income group would face a tax hike that
year. In 2027, the share of Americans facing a tax hike would be much higher, and the average
change for the bottom three-fifths of Americans would be a tax hike.
However, the corporate tax cuts are permanent. This means that in 2027, the main provisions in
effect are a tax hike that affects low- and middle-income families (chained CPI) and the corporate tax
cut that mostly benefits well-off Americans and foreign investors.
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