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Michael Linden Profile picture
@MichaelSLinden
Nov 12, 2017 • 12 tweets • 2 min read • Read on X
HEADS UP: Here are 10 things I’ll bet you didn’t know about the GOP tax scam, but that should get you super angry when you find out:
1) GOP tax scam cuts Medicare! Yup, it does. By $28 billion NEXT YEAR alone.

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More from @MichaelSLinden

Michael Linden Profile picture
May 24, 2018
Professor @DarrickHamilton & I have a new issue brief today detailing 4 specific ways that the Trump tax law affects communities of color. Like the economy in general, the new law puts black and brown people at a disadvantage.

rooseveltinstitute.org/hidden-rules-n…

Short thread to follow. 1/
First & perhaps most obviously, most people know that the law is skewed to the rich. Because of longstanding racial income gaps, a tax law that benefits the very high-income over everyone else also disproportionately benefits white households over households of color. 2/
Second, racial wealth disparities are even more acute than income disparities, and this new tax law dramatically favors existing wealth over new wealth creation. 3/
Read 12 tweets
Michael Linden Profile picture
Dec 18, 2017
By now, most Americans know this tax bill is terrible. We know it's unfair, it's a giveaway to the rich, it cuts health care & puts other services at risk.

What hasn’t sunk in yet is how it could also harm the economy, costing jobs and prosperity.

I count at least 5 ways. 1/
First and most directly, by cutting taxes on the super-rich and asking everyone else to pick up the tab, this bill will exacerbate our already sky-high levels of income inequality, as @DLeonhardt correctly points out. 2/
nytimes.com/2017/12/17/opi…
Beyond being morally repugnant, increasing our income inequality will also cause the economy to grow more slowly and will result in more fragile growth, bringing recessions on more rapidly. 3/ imf.org/external/pubs/…
Read 18 tweets
Michael Linden Profile picture
Dec 10, 2017
This coming week is make-or-break for the GOP tax scam. If you have any interest in fighting this disastrous bill, follow along for a state-of-play update. Short version: we CAN still stop this thing. 1/
Here’s where we are: Both the Senate & House have passed versions of the GOP tax scam. They have a lot in common (huge tax cuts for the wealthy & corporations, tax hikes on millions of middle class families) but aren’t identical. 2/
To become law, the House & Senate have to pass identical bills. So to come up with ONE new version that both chambers can pass, the GOP has sent their bills to a “conference committee.” 3/
Read 14 tweets
Michael Linden Profile picture
Nov 20, 2017
New analysis out TODAY shows that the Senate GOP tax bill would raise taxes on half of all families.

But, really, it's even worse than that. Once you include the spending-side changes, the bill looks even worse. THREAD TIME. 1/
rooseveltinstitute.org/who-really-pay…
The Senate tax bill doesn't only change taxes, it has also has big changes to spending, including cuts to Medicaid, Medicare, and lots of other things. A full distributional analysis would include those cuts too. 2/
For example, here's the official JCT (cbo for tax) analysis of who gets a tax cut in 2019 under the Senate bill, and next to it is a FULLER distributional analysis that includes the SPENDING CUTS. 3/
Read 11 tweets
Michael Linden Profile picture
Nov 12, 2017
RED ALERT: The Trump tax bill being rammed through Congress right now is confusing so let me break down what it’ll mean for you. Spoiler: You’ll get stuck with the bill. Follow along for details. 1/
YOUR TAX BILL

47 million households will get a tax hike! Yes, you read that right. In a plan that cuts taxes for corporations and millionaires, millions of middle-class families—especially those with children—get a tax increase. 2/
YOUR HEALTHCARE

Health care costs will skyrocket. Families won’t be able to get a deduction for large out-of-pocket medical expenses. The GOP budget includes giant cuts to Medicaid & Medicare. AND they are considering repealing a key part of the ACA as part of the tax bill. 3/
Read 11 tweets
Michael Linden Profile picture
Nov 6, 2017
The GOP tax plan gives more than $530 billion in tax breaks to the richest 1%. Here are some other things we could do with that money. 1/
We could insure over 10 million additional adults through Medicaid each year for the next 10 years. 2/
We could increase the National Cancer Institute's budget by 957%. 3/
Read 12 tweets

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