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Remember David Stockman??
The House GOP will struggle to avoid a complete implosion during the mark-up and floor consideration scheduled for the next three weeks.
In the first place, it does not cut anything that could remotely be called middle class taxes by a net dime over the next ten years; it actually increases them.
That’s right. The official cost-out provided last night by the Joint Committee on Taxation shows that the bill will reduce total individual taxes (excluding corporate) $929 billion over the next decade.
But that number sounds big only because we are in Federal budget land. In fact, the individual income tax baseline for this period is $22 trillion — so the entire “cut” amounts to just 4.2% of the total.
But the real skunk in the woodpile is the fact that more than 100% of this
cut in individual income taxes is accounted for by three items, which will accrue overwhelmingly to the very wealthy.
The bill repeals the alternative minimum tax at a cost of just under $700 billion over the decade, phases out the estate tax at a cost of $172 billion and provides for the so-called business pass-thru rate of 25% at a cost of nearly $450 billion.
Add these three items up and you see my point about funny numbers. The sum of $1.32 trillion for these three items is $386 billion larger than the entire individual tax cut contained in the bill!