New Analysis Of Jeb Bush’s Tax Plan Proves He’s Operating Under Serious Delusions

Jeb Bush is, of course, pledging to cut taxes, just as any good Republican who wants to be president should. After all, unless you’re Donald Trump, you can’t say anything about raising taxes and expect to get elected. Taxes are tyranny, don’tcha know? Jeb’s tax plan actually does cut taxes for pretty much everyone, but, according to Vox, doesn’t do so very equally. We can all guess where the biggest tax cuts are going to go, right?

The analysis on which Vox reported shows a table with each income bracket, and what they can expect in tax cuts. It looks like it goes in the right direction (sort of, maybe), starting with a 1.5 percent cut for the poorest 20 percent of the population, and gradually rising to a 1.9 percent cut for people with an annual income of $41,800. It drops to 1.8 percent for people earning $81,300, and falls well below 1 percent for those earning $141,900 and $309,900.

What does it do for the top 1 percent? Well, again, a Republican can’t raise taxes for anybody, and can’t be selective with their tax cuts. Because of that, the top 1 percent get a tax cut, too, despite not needing it like, oh, say, the poor and middle classes do. Take a look at the table below to see what tax cut they get:

According to Citizens for Tax Justice, what’s happening here is that Bush would reduce the top tax rate from 39.6 percent to 28 percent, because, you know, we don’t need roads, schools, infrastructure and stuff. He’s presumably laboring under the delusion that trickle-down economics would work if we’d just actually let it, except we’ve been trying to let it work for 30 years and it hasn’t yet.

Jeb would also increase the standard deduction for single people to $5,000, and for married couples to $10,000. In other words, this is, once again, cutting taxes for the wealthy at the expense of the poor and middle class. None of this even touches his corporate tax cuts, which he probably thinks would actually create more jobs.

On the plus side, it does double the Earned Income Tax Credit, which helps to offset payroll taxes. Many poor and lower-middle income families rely on the EITC to keep their heads above water. That’s about the only bone that Jeb throws to the poor.

He also wants to eliminate the “carried interest” tax break that hedge fund managers currently get. So that’s one thing. However, that doesn’t change the fact that his tax plan overwhelmingly benefits the wealthy, which is par for the course for Republicans when it comes to cutting taxes. The top 1 percent get over half the tax breaks in Bush’s tax plan, and the other 99 percent get less than half. It’s obscene.

 

Featured image by MichaelVadon. Licensed under CC BY-SA 4.0 via Wikimedia Commons