And now, economists have exposed the appalling depth and breadth of the damage the GOP’s plot would do to millions of families with kids – 22 million families, to be precise, roughly half the projected total at the time the tax hikes would take effect.
As eminent economist, professor, and columnist for The New York Times Paul Krugman put it plainly, this is nothing but “Intergenerational class warfare” being waged by the wealthy elites in the GOP against hard-working American families. House tax bill eliminates taxes on large estates, but raises taxes on HALF of families with children. This includes the indirect effects of the corporate income tax cut, but assumes that the filer credits expire in 2023.
That 22 million figure is almost exactly half of the 44 million total families with kids projected for 2027.
22 million American families will see their taxes raised if the Republican Party – the supposed party of “Family values” – manages to force this scam through Congress.
But a small number of wealthy families will get a little more money stuffed into their already-fattened coffers.
Georgia Democratic Rep. John Lewis recently called out this scheme for exactly what it is:
This tax cut legislation does not make the tax code any simpler or any fairer.Join The Conversation