During the early hours of Wednesday morning, while most American voters were probably sound asleep, Republicans managed to sneak a lump of coal into every citizen’s stocking disguised a “tax plan.”
Republican leaders like Donald Trump, House Majority Leader Paul Ryan, and Senate Majority Leader Mitch McConnell are celebrating the passage of their disastrous policy as a “win” for the American people. However, recent charts published by NPR, courtesy of Tax Policy Center, shows why this policy will feel more like a punch in the face than “winning” for most Americans.
According to the Center, a household with an annual income of $75,000 to $200,000 will see average tax cuts of $1,310 to $2,260. Meanwhile, those below $75,000 will see between $10 and $870 in added “benefits” from the GOP plan.
But what about the needy “top earners” struggling to get by you ask?
Worry not, top earnings making $200,000 to $500,000 will see an average tax cut of $6,560 which is almost triple the top benefit in the previous bracket. Those boasting an income of $500,000 to one million will see an average savings of $21,240 on their income taxes.
And let’s not forget about the “job creators.” Households with incomes of more than one million will see an astounding $69,660 in savings thanks to the GOP tax plan.
Pretty boss, huh?
Finally, here’s a video of a very smart guy with a Jamaican accent explaining in greater detail how badly you’re getting screwed.
Oh but wait, the plan (robbery) gets even better. The center also predicts that in 10 years the GOP’s tax plan will end up raising taxes on many lower and middle-class American workers. While this incredible policy seems like a sure-fire political slam-dunk for the GOP, however, CBS is reporting that Trump may be inclined to delay signing the bill into law until after the holidays so that the changes wouldn’t go into effect until after the 2018 midterm elections.
After looking at these numbers, that’s probably the smartest thing Trump could do aside from not signing this flaming excrement filled dumpster fire his party calls a tax plan into law at all.
Featured image via Chip Somodevilla / Staff Getty Images.