Tax cuts for the rich and tax hikes for everyone else are dangerously close to becoming law. Ana Kasparian, Michael Shure, and Mark Thompson, hosts of The Young Turks, discuss. Tell us what you think in the comment section below. Join TYT:
“The House passed a sweeping rewrite of the tax code on Thursday by 227-205, taking a significant leap forward as Republicans seek to enact $1.5 trillion in tax cuts for businesses and individuals and deliver the first major legislative achievement of President Trump’s tenure.
Attention now turns to the Senate, which was grappling on Thursday with another setback after a congressional analysis found that their revised tax bill would actually raise taxes on lower-income Americans within a few years.
The Joint Committee on Taxation projected that Americans earning $30,000 or less would see their taxes increase beginning in 2021, if the Senate bill becomes law. The committee also projected that Americans earning $75,000 or less would face large tax increases in 2027, after the individual tax cuts expire. The updated analysis stems from the Senate’s last-minute inclusion of a provision that would repeal the Affordable Care Act’s requirement that most people buy health insurance. The repeal would lead many lower-income Americans to choose not to buy insurance, and thus not claim tax subsidies that currently help them defray the costs of health coverage.
Senator Ron Wyden of Oregon, the ranking Democrat on the Finance Committee, called the development “astounding” and warned that middle-class taxpayers would get “clobbered” under the latest Republican plan.”*
Read more here:
Hosts: Ana Kasparian, Michael Shure, Mark Thompson
Cast: Ana Kasparian, Michael Shure, Mark Thompson
The Largest Online News Show in the World. Hosted by Cenk Uygur and Ana Kasparian. LIVE STREAMING weekdays 6-8pm ET.
Subscribe to The Young Turks on YouTube:
Like The Young Turks on Facebook:
Follow The Young Turks on Twitter:
Buy TYT Merch:
Download audio and video of the full two hour show on-demand + the members-only post game show by becoming a member at Your membership supports the day to day operations and is vital for our continued success and growth.
Young Turk (n), 1. Young progressive or insurgent member of an institution, movement, or political party. 2. A young person who rebels against authority or societal expectations.(American Heritage Dictionary)