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Tuesday, November 7, 2017

Middle class tax benefits would drop over time, rise for the 1%, says analysis -- Nov. 8

Wednesday, Nov. 8, 2017

8:00 am -- Alan Essig, Executive Director of the DC-based Institute on Taxation and Economic Policy (ITEP), will discuss his group's analysis of the GOP's so-called "tax reform" and jobs bill -- thoughtless legislation designed to lose  many of its tax benefits for the middle class over a period of time, according to ITEP.

It's another thing, of course, for the rich. The bill would provide "significant savings to foreign investors" and, of those tax cuts that would benefit Americans, "nearly a third would go to the richest one percent in 2018, and by 2027 that fraction would rise to nearly half," ITEP, a non-profit, non-partisan research organization reported Monday. Richest Americans Benefit Most from The Tax Cuts and Jobs Act  "Some of the provisions in the House bill that benefit the middle-class -- like lower tax rates and fewer brackets, an increased standard deduction, and a $300 tax credit for each adult in a household -- are designed to expire or become less generous over time," said the report. And for the wealthy? Some provisions "become more generous over time," according to ITEP.

How might the tax legislation effect West Virginia ?  What do we do about the 1 percent's offshoring of much of its $$$   "Paradise Papers,"    Paradise Papers Underscore Why Lawmakers Should Focus on Offshore Tax Avoidance  ?    Hopefully we'll get a chance to discuss those as well.

You can join the conversation by calling The Winners and Losers Radio Show at 304-278-4113.

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