The Senate Tax Plan Hurts Everyone In The Long Run Except The Rich
They've had nearly 10 years to craft the plan and this is we get.
Senate Republicans have pushed forward their new tax plan and things don't look good for most Americans, especially for the 13 million or so people that will lose health insurance with the ACA mandate repeal.
But aside from the health care concerns, it's estimated that 11% of taxpayers in the country will see an increase in their taxes as early as 2018. The bigger concern comes by 2027 when the low and middle-class with see a definite tax increase as provisions are phased out. At the same time, millionaires will see a steady income increase and their provisions remain permanent.
Another strange addition in the plan is that tuition waivers on PhD students will now be taxable income. That jeopardizes future doctors and those coming to this country to continue their high education.
From a number point-of-view, some 65% of American households can expect some sort of tax increase in the current tax plan in the long run. Many are seeing this as a plan geared toward corporations and the very rich over average Americans.