New Estimate Confirms That Republican Tax Plan Favors the Very, Very Rich

Here’s another estimate of who gets what from the Republican tax plan. This one is from the Institute on Taxation and Public Policy:

This is fairly close to the estimate from the Joint Committee on Taxation with the exception of the far-right bar in 2027. ITEP estimates that millionaires will retain a pretty fat 2.5 percent tax cut by then. JCT estimates it would be about half that.

ITEP also provides an estimate of the number of households that would see a tax increase under the Republican plan:

By 2027, ITEP figures that over a quarter of middle-class taxpayers will see their taxes increase under the Republican plan. This number is considerably higher in blue states like California and New York, and considerably lower in red states like Florida and Texas. It’s all part of this bill’s targeted punishment of taxpayers in states that don’t support Republicans.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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