Senate Republican Tax Plan Protects the Rich

The Senate Republicans’ plan would likely raise taxes on more than 20 million families—about 10 times as many people who would see higher taxes next year under the Senate Democrats’ plan.

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Idea of the Day

Idea of the Day

In defending tax breaks for the highest-income earners, Senate Republican Leader Mitch McConnell (R-KY) has argued, “We ought not raise anybody’s taxes at the end of the year.”

Strange, then, that the tax plan Sen. McConnell has put forward with other Senate Republicans would raise taxes on millions of families at the end of this year. In fact, based on our analysis, the Senate Republicans’ plan would likely raise taxes on more than 20 million families—about 10 times as many people who would see higher taxes next year under the Senate Democrats’ plan offered by Majority Leader Harry Reid (D-NV). Under Sen. Reid’s bill, the only people who would lose tax cuts are the roughly 2.1 million households, or less than 2 percent, with incomes of more than $250,000. The Senate is expected to vote on both tax plans next week.

For more on this topic, please see:

Senate Republican Plan Raises Far More People’s Taxes than the Senate Democratic Plan by Seth Hanlon

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