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Michael Linden

@MichaelSLinden

Nov 12, 2017 • 12 tweets • 2 min read Twitter logo

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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.

2) GOP tax scam eliminates the tax credit that encourages businesses to hire VETERANS, especially veterans with disabilities. Not a joke.

3) GOP tax scam raises taxes on 47 million households, while cutting taxes for the richest 0.1% by an average of over $200,000.

4) GOP tax scam means teachers will no longer be able to deduct the cost of school supplies that they buy for their classrooms using their own money.

5) GOP tax scam implements “Chained-CPI” for the tax code, paving the way for using it on Social Security, which would cut benefits for seniors relative to current law.

6) GOP tax scam opens up a giant new campaign finance loophole, allowing big donors to funnel money into politics through “nonpartisan” charities. <-- This one's buried deep.

7) GOP tax scam opens up the Arctic wildlife refuge to drilling. Why is this in a tax bill? I don’t know. But it is.

8) GOP tax scam makes American children with parents who are undocumented immigrants INELIGIBLE for the child tax credit. U.S. citizen children! #defendDACA

9) GOP tax scam leaves lots of rich-person loopholes in place, like the “carried interest” loophole and the special tax break for golf course owners.

10) GOP tax scam gets rid of the tax credit that helps small businesses become accessible to people with disabilities. I am not making this up.

There are a bunch more terrible things in this bill that the House is voting on in THREE DAYS!

Get angry. Get on the phone. 888-654-1854

Tell Congress #NotOnePenny in tax cuts for the rich on the backs of everyone else.

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More from @MichaelSLinden

Michael Linden

@MichaelSLinden

May 24, 2018

@DarrickHamilton

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

@MichaelSLinden

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/

@DLeonhardt

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

@MichaelSLinden

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

@MichaelSLinden

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

@MichaelSLinden

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