The real winners in the Republican tax reform bill are not only corporations, but also married couples with taxable incomes of over $500,000, and anyone who earns over $1 million in taxable income per year.
By increasing the base for the highest income bracket, applied to married couples with taxable incomes from $470,700 to $1 million, Republicans are handing out a tax break to the wealthy of $28,931 under the House plan, or $39,751 under the Senate version of the bill. A second $1 million in taxable earnings would net savings of an additional $26,000 if the top rate is reduced from 39.6 to 37 percent.
This is happening while ridiculously inadequate health insurance for my husband and me will cost between $15,000 and $25,000 annually if we earn more than four times the poverty level. Meanwhile, our president refuses to release his tax returns.
Open wide, America. You are about to be fed a malarkey sandwich. Bon appetit.
Thomas Gangewer
Portland
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