UW Politcal Science Lecturer Scott Lemieux takes a look at the recent Republican House tax proposal and decifers whom it really helps.
In The Los Angeles Times Op-Ed Prof. Lemieux that is helps mainly the wealthy and the much lauded help to the middle class is only token,
Despite a few sops to middle-class families with children, the bill redistributes wealth upward. The big cut in the corporate tax rate and the elimination of the alternative minimum tax overwhelmingly benefit the wealthy. The 4.6% cut for marginal income between $470,700 and $1 million for married couples benefits only the affluent. The gradual elimination of the estate tax will exclusively benefit extremely wealthy heirs.
While Prof. Lemieux does point to some good points like reducing the mortgage interest deduction, the bill is classic wealth distribution upward and one that does nothing to reduce deficits.
Please read the full op-ed here.