Even Conservatives Agree That Jeb Bush’s Tax Plan Is a Huge Boon for the Rich.

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The Tax Foundation is a conservative outfit that’s predisposed to like Jeb Bush’s tax plan. They believe it will increase GDP by 10 percent over the long term, which will pay for more than half of the plan’s cost. Jeb’s tax cuts, they conclude, “would greatly increase the U.S. economy’s size in the long run, leading to higher incomes for taxpayers at all income levels.”

All income levels? Well, yes. But there are incomes and there are incomes, and some do better than others under Jeb’s plan. Can you guess which ones? Huh? Can you?

It turns out that even the Tax Foundation can’t make Jeb’s plan look anything close to fair. Under a normal (i.e., “static”) estimate, here are the effects on income:

  • Poor: +1.8 percent
  • Middle class: +2.8 percent
  • Rich: +11.6 percent

Yowza! That looks pretty bad. Something has to be done about this, so let’s do a “dynamic” estimate that assumes these tax cuts will hypercharge the economy. That helps, but not enough:

  • Poor: +10 percent
  • Middle class: +12.7 percent
  • Rich: +16.4 percent

The Tax Foundation has a very rosy view of dynamic effects, which are almost certainly far less than they estimate. But even if you take their analysis at face value, Jeb’s tax plan is still tilted heavily toward the rich. They don’t just get a bigger cut in absolute dollars, they get a bigger percentage cut.

That’s not surprising. When credulous reporters are around, Jeb’s team highlights the plan’s cap on deductions and its elimination of the carried interest loophole. But that’s small potatoes compared to the huge rate cut at the top, the elimination of estate taxes, and the cut in the corporate tax rate. The end result is the usual one for Republicans: the rich get a big tax cut while the poor are bought off with beads and trinkets.

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We didn't know what to expect when we told you we needed to raise $400,000 before our fiscal year closed on June 30, and we're thrilled to report that our incredible community of readers contributed some $415,000 to help us keep charging as hard as we can during this crazy year.

You just sent an incredible message: that quality journalism doesn't have to answer to advertisers, billionaires, or hedge funds; that newsrooms can eke out an existence thanks primarily to the generosity of its readers. That's so powerful. Especially during what's been called a "media extinction event" when those looking to make a profit from the news pull back, the Mother Jones community steps in.

The months and years ahead won't be easy. Far from it. But there's no one we'd rather face the big challenges with than you, our committed and passionate readers, and our team of fearless reporters who show up every day.

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