Lest we forget,
“Major elements … include reducing tax rates for corporations and individuals, increasing the standard deduction and family tax credits, eliminating personal exemptions and making it less beneficial to itemize deductions, limiting deductions for state and local income taxes and property taxes, further limiting the mortgage interest deduction, reducing the alternative minimum tax for individuals and eliminating it for corporations, doubling the estate tax exemption, and reducing the penalty for violating the individual mandate of the Affordable Care Act (ACA) to $0.”
“Bill Gates and Warren Buffett also thought that Trump’s tax cut would not help businesses.[158] In a CNBC interview, Buffett even said: “I don’t need a tax cut in a society with so much inequality”.[159]
In a letter made public on the November 12, 2017, more than 400 millionaires and billionaires (which include George Soros and Steven Rockefeller) asked Congress to reject the Republican tax plan. They stated that it would disproportionately benefit the wealthy while adding at least $1.5 trillion to the national debt.[160][161][162]
The Economist was also critical of the tax cut: “The expiry of tax cuts for individuals is a ticking time-bomb in the tax code. It will explode just as America approaches a budget crisis, driven by rising spending on health care and pensions for the elderly. This gap will probably eventually be plugged by a combination of tax rises and spending cuts. But by cutting taxes now, Republicans have moved the starting point for any future negotiations”.[163]
The Financial Times argued that this bill was “built for plutocrats” as it would mainly benefit very high income households (“45 per cent of the tax reductions in 2027 would go to households with incomes above $500,000 – fewer than 1 per cent of filers”).[164″
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