Republican Senate tax plan hits lower incomes the hardest, increases deficit $1.4 trillion: CBO

[TomCADem]

Source: ABC News

The proposed Senate Republican tax bill would increase the nation's deficit by more than $1.4 trillion over the next decade and disproportionately hit lower-income taxpayers, according to a new Congressional Budget Office analysis.

The CBO, a nonpartisan agency charged with projecting the effects of legislation on the nation's finances, released its report Sunday before an expected fight this week over the plan's passage in the Senate.

Two Republicans -- Sens. Ron Johnson, R-Wis., and Steve Daines, R-Mont. -- have already voiced opposition to the sweeping overhaul of the tax code that alters the number of tax brackets, lowers corporate tax rates and repeals the individual health care mandate, among other changes. One additional Republican "nay" vote would likely be enough to ensure the bill's failure.

Sunday's report could provide additional hurdles for the Republican senators still undecided on the plan given its conclusions on how net changes to revenue and spending are allocated across income groups.

Read more: http://abcnews.go.com/Politics/senate-gop-tax-plan-hits-lower-incomes-hardest/story?id=51432325

[bucolic_frolic]

1. These morons believe taxing the poor more is a form of motivation

[Doreen]

2. Every fucking time taxes are fucked with like this "or kind of like this" the poor suffer

the absolute most. I sometimes get sick of hearing about the middle class. If the middle class had paid attention to what THEY took part in doing to the poor they might have realized there were those who could do that to them. Maybe then they would have rethought their actions on the poor and worked to protect them and then that would had helped them protect themselves from what is being done to them now. Welcome middle class to the life of being poor. See how you like being treated like you treated the poor all this time.

[SunSeeker]

3. K & R for exposure.