WC recently read the non-partisan Tax Policy Center’s report on the personal income tax impact of the Tax Cut and Jobs Act, the Republicans’ signature tax bill enacted late last year. The TPC’s analysis brings to mind Tim DuBois’s 1982 country western song, made famous by Jerry Reed, “She Got the Gold Mine (I Got the Shaft).”
To paraphrase DuBois and Reed, most of us got the shaft. The tax cuts went to the rich.
If you make $50,000 a year, you might have gotten a tax break of $300. If you make $750,000 a year, you get to keep $33,000. That’s just on personal income tax. When you factor in all of the goodies in the law, the richest Americans got a tax break of $51,140, while the poorest Americans received one of $60.
But wait. Congress and President Trump not only punished the poor. They managed to put the biggest tax hikes on the states that had the temerity to vote against Trump in the 2016 general election.
The new law not only rewards your rich friends and supporters; it also punishes your enemies. Sweet!
Best of all, a substantial number of voters don’t even know they’ve been screwed. They still support Trump and think the Republican Party has their backs. No wonder Trump and Ryan are smiling.
WC thinks Jerry Reed got it right.