Republican Senator Introduces Yet Another Tax Plan to Benefit the Rich

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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.

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In "News Never Pays," our fearless CEO, Monika Bauerlein, connects the dots on several concerning media trends that, taken together, expose the fallacy behind the tragic state of journalism right now: That the marketplace will take care of providing the free and independent press citizens in a democracy need, and the Next New Thing to invest millions in will fix the problem. Bottom line: Journalism that serves the people needs the support of the people. That's the Next New Thing.

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In "This Is Not a Crisis. It's The New Normal," we explain, as matter-of-factly as we can, what exactly our finances look like, why this moment is particularly urgent, and how we can best communicate that without screaming OMG PLEASE HELP over and over. We also touch on our history and how our nonprofit model makes Mother Jones different than most of the news out there: Letting us go deep, focus on underreported beats, and bring unique perspectives to the day's news.

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