Why Everybody Hates the GOP Tax Bill

[ Originally published on this site as post ]

President Donald Trump says he doesn’t want to cut taxes on the rich. His Treasury Secretary Steven Mnuchin said he doesn’t want to cut taxes on the rich. The Democratic Party says they don’t want to cut taxes on the rich. Americans say they don’t want to cut taxes on the rich.

The House and Senate Republican tax bills are taking a different approach: They are cutting taxes on the rich—significantly. Their plans would slash the corporate tax rate by almost half, cut taxes on pass-through income for smaller businesses, eliminate the Alternate Minimum Tax, and erode the estate tax, all of which disproportionately help rich families. This comes at a time when post-tax corporate profits as a share of GDP