Republicans in Congress are crafting a “tax reform” bill that would greatly reduce the tax liabilities of their wealthy contributors and hurt the rest of Americans. This transparent and widely-criticized bill would reduce the corporate tax rate from 35 percent to 20 percent, eliminate the Alternative Minimum Tax and lower the income tax rate for the wealthy (while raising the tax rate in the bottom bracket), and do away with the Federal Estate Tax that currently gleans millions of dollars from the estate transfers of the very wealthy.
Republicans propose to rush this bill through without Congressional Budget Office analysis or public hearings and have it to Trump before Christmas. Mislabeled as “tax reform,” this bill is actually a plum for the wealthy and a deceptive swindle aimed at the rest of us. If this bill is enacted, the gulf between the wealthy and the remaining 99 percent of us will grow even wider. The federal debt that Republicans have long accused the Democrats of ignoring will be enlarged by this bill by well over a trillion dollars. Don’t let them do it.