Originally published in November, but even more relevant now that the countdown has begun.
When Republicans talk about their big tax cut coming in January, people will be forgiven for not getting all that excited. The bottom rate will drop from 6.0% to 5.8%, which qualifies as nothing more than chump change. For a person making $25,000, the tax cut is whopping $50. Impressive.
Of course, if you happen to be a high-income earner, the picture is a lot prettier. Your tax rate will drop from 7.75% to 5.8%. So if you're making $200,000, you'll get a $3,900 tax break. In other words, your benefit from the Republican plan is 78 times higher than the person at the bottom of the income scale.
Seventy-eight freaking times!
But the gift that keeps on giving doesn't stop there. In addition to that whopping $50 savings, all income earners will now be paying taxes on movies, museums, live entertainment, service contracts, warranties, maintenance agreements, repair contracts, electricity and natural gas, manufactured homes and modular homes sold at retail, and a whole lot more. So if you spend as little as $5,000 on all of those services combined, you'll be paying an additional $235 each year. Most people will pay twice that.
Over the month ahead, right wing nutjobs will be singing the praises of tax reform as a giant step forward for North Carolina families. Don't buy their bullshit. You've been played. This is nothing more than the old bait and switch, and the only people who will make out are ... you guessed it ... the rich and well-to-do.