Response to Comments The Tax Bill is Still Very Bad

Published: Dec. 7, 2017, 3:37 a.m.

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There was some good pushback on yesterday\\u2019s article on taxes. But sorry, I\\u2019m still right.

Many people responded with generic low-tax anti-government positions. Fine. Let\\u2019s say the government is definitely bad and taxes are definitely too high. The current tax bill is\\xa0still\\xa0not the right way to do tax cuts.

Budget director Mick Mulvaney\\xa0claims\\xa0that the richest 20% of people pay 95% of income tax; the\\xa0Wall Street Journal\\u2018s numbers are a little lower, at 84%. Total income taxes are\\xa0$1.8 trillion, so the poorest 80%\\u2019s share comes out to somewhere between 90 and 280 billion. This is around the same order of magnitude as the $100 billion in tax cuts in the current GOP bill. So it looks like one alternative to this bill, no more or less costly, would be to halve income taxes for the bottom 80% of the population, maybe anyone making less than $100,000.

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