Trump advisor Stephen Moore, who helped write the Republican Tax Reform bill, which gives massive tax breaks to the wealthiest Americans and corporations, admitted that not everyone gets a tax break per the bill.
Moore was questioned by Alex Lawson, of Social Security Works, while people protested the tax bill in Washington D.C..
“I think everybody should get a tax cut. It would be good for America,” Moore stated.
Lawson countered: “What happens in 2027? Because factually, that’s inaccurate. Not everyone gets a tax cut, right?”
“I helped write the bill,” Moore replied.
Lawson countered again: “I know. That’s why I’m saying you know that you’re lying right now, because not everyone gets a tax cut.”
Moore admitted: “Well, not everybody.”
Mother Jones reports on how the wealthy will benefit from the bill that Moore helped write:
“The Senate tax bill gives business owners nearly three times more benefits than workers with wages and salaries, according to a new analysis from the nonpartisan Tax Policy Center. Adam Looney, a senior fellow at the Brookings Institution, told The New York Times that if the bill becomes law it would be the first time that ‘wage earners were substantially penalized’ by the tax code.”
“The diverging treatment comes from how the tax bill treats the 95 percent of businesses that are structured so that profits are taxed as individual income. Republicans portray these businesses, which are known as ‘pass-throughs,’ as ‘ma and pa bakeries and family-owned salons.’ In reality, most pass-through income goes to people in the top 1 percent—including the Trump family.”
“The House tax bill cuts the top income tax rate for pass-throughs from 39.6 percent to 25 percent, which would cost taxpayers nearly $600 billion over 10 years. About 86 percent of small business owners would not benefit because all of their income is already in the 25 percent tax bracket or lower. Republicans’ much-touted ma and pa shops usually don’t earn make enough to be in the top tax brackets, which kick in at $153,000 of taxable income for couples.”