The Republicans have unveiled their long-awaited tax framework, claiming they're about to revolutionize the tax code. They are: For the wealthy.
Under the proposal, corporate tax rates would be slashed, as would tax liabilities for the wealthiest Americans. It would also eliminate the estate tax, which affects a very small minority of taxpayers — but many of them happen to be powerful Republican donors.
Many of the tax deductions working and middle class individuals have come to rely upon are also being tossed out, with Republicans claiming that doubling the size of the standard deduction will offset these losses.
Who's paying for all this? Americans are, but not with adjustments to the tax code. This regressive tax platform could cost billions of dollars and Republicans may target "soft" areas of the budget, like social programs, in order to make up the difference. America's most vulnerable will pay twice over if Republicans get their way.
Congress: We agree it's time for tax reform: To close loopholes exploited by corporations and the very wealthy trying to dodge their fair share.
Photo credit: Alec Perkins