Fleeting Benefits From #GOPTaxScam Could Have Massive Consequences For Americans
Three months following the passage of the GOP Tax Scam, workers across the country are underwhelmed with the little uptick in their paychecks.
Despite repeated promises from Republicans that the American people will love their tax bill’s ‘benefits,’ many Americans are actually worried (and rightfully so) that the impact of the GOP Tax Scam will mean paying more in taxes in the future.
Unfortunately, the windfall for most workers will be fleeting … In other words, most of the benefit to workers will be short-lived.
President Trump pointed to one-time bonus payments during his State of the Union address as evidence that the tax cuts are trickling down to workers.
Still, the biggest winners from the tax law so far are companies and shareholders.
The result has hardly been a windfall, economically or politically.
Some are convinced that what the tax cut has given them upfront will ultimately fade.
“[Trump]’s pulling out jazz hands and shiny stuff up front and will screw us on the back end,” said Brian Barkalow, a worker at Requarth Lumber, where the Wright Brothers once bought wood for their planes.
Others questioned whether getting more money now would mean paying more later.
You may end up owing Uncle Sam more money in 2019.
The Tax Cuts and Jobs Act went into effect at the beginning of the year, touting a reduction in federal income rates across the board.
If too few taxes are withheld from your pay in 2018, you could owe the IRS in 2019.
The GOP Tax Scam’s meager, temporary benefits for the middle class evaporate in a few years, and the scam ultimately raises taxes on 86 million middle class American families.
The American people can’t be fooled. With their tax bill, President Trump and Republicans in Congress passed a massive giveaway for their rich donors and corporations – putting the wealthy ahead of everyone else.