Here are the massive tax cuts going to the Republicans who wrote the tax bill

Here are the massive tax cuts going to the Republicans who wrote the tax bill
A new report finds they will reap an average of $314,000 from just one provision.
Rebekah Entralgo
Apr 11, 2018, 1:59 pm


The rallying cry of Republicans during tax bill negotiations was that this legislation was created with the middle class in mind.

It’s a lie the Trump administration told the American people time and time again — over 84 times.

In reality, the GOP tax bill will do very little for lower and middle income families. Study after study of the tax plan shows the plan will ultimately benefit the wealthiest Americans. The non-partisan Tax Policy Center found that after the tax plan has taken full effect in 2027, 80 percent of the benefits would go to the top 1 percent. When it comes to tax cuts, the top 1 percent will get an average cut of $1,022,120, while the middle 20 percent will get an average cut of $420, eviscerating any notion that the middle class are the key beneficiaries of the Republican’s “Unified Framework for Fixing Our Broken Tax Code.”

Those who will benefit the most from the tax bill, however, are the same the ones who helped construct it.

A new report from the Center For American Progress Action Fund (ThinkProgress is an editorially independent news site housed at CAPAF) looked at the personal financial disclosure forms of the members in each chamber’s tax writing committee and identified all income from “pass-through” businesses — income that would be taxed at a significantly lower rate under the new tax law.

15 Republicans from tax writing committees in Congress will expect to receive an average tax windfall of $314,000 from the legislation they helped craft.

This includes members of the House Ways and Means Committee like Reps. Carlos Curbelo (R-FL), Diane Black (R-TN), Jim Renacci (R-OH), and Vern Buchanan (R-FL) among others, and members of the Senate Finance Committee like Sens. Rob Portman (R-OH), Chuck Grassley (R-IA), and Dean Heller (R-NV).

There are 53 Republican members of Congress not from tax writing committees who will benefit from various provisions in the GOP tax plan. These members of Congress could see an average tax cut of $280,000 dollars.

Speaker of the House Paul Ryan, who announced his retirement Wednesday morning, cited the passage of the tax bill as one of his greatest accomplishments during his time in Congress. He can expect to receive a tax cut of about $11,500 under the pass-through loophole.

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https://thinkprogress.org/here-are-the-massive-tax-cuts-going-to-the-republicans-who-wrote-the-tax-bill-00bf6e9f6f0a/