Republican Senator Introduces Yet Another Tax Plan to Benefit the Rich


Dylan Matthews reports today that Sen. Mike Lee (R–Utah) has introduced a new tax plan. This is something that all the presidential candidates felt obligated to do back in 2012 as a way of signaling their fealty to the rich, but since there’s no election coming up anytime soon it’s not clear why Lee has decided to do this right now.

In any case, his plan reduces the number of tax brackets even though tax brackets have nothing at all to do with the complexity of the tax code. What it does do is give him an excuse to raise rates on the middle class and reduce rates on the rich. In addition, his plan leaves the current low capital gains rates and estate tax rates alone (good for the rich) and leaves the current high payroll taxes alone as well (bad for the poor). Put this all together, and the almost certain outcome is that the middle class would pay a little less; the upper middle class would pay somewhat more; and the rich would enjoy a big tax cut. In other words, it’s a pretty standard Republican plan.

I guess the good news is that it’s not quite as outrageously favorable toward the rich as all the plans that were released during campaign season. But aside from that, it’s hard to see what other merits this plan has.

FACT:

Mother Jones was founded as a nonprofit in 1976 because we knew corporations and the wealthy wouldn't fund the type of hard-hitting journalism we set out to do.

Today, reader support makes up about two-thirds of our budget, allows us to dig deep on stories that matter, and lets us keep our reporting free for everyone. If you value what you get from Mother Jones, please join us with a tax-deductible donation today so we can keep on doing the type of journalism 2019 demands.

We Recommend

Latest

Sign up for our newsletters

Subscribe and we'll send Mother Jones straight to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate