Pittance for People as #TrumpTaxScam Permanently Cuts Corporate Tax Rate to 20%

The Republicans on Thursday morning released a new outline of their tax “scam” proposal which—among other giveaways to the rich and powerful—would permanently cut the corporate tax to 20 percent (down from its current 35 percent) and abolish the tax on wealthy estates  while leaving low-income families and the middle class out in the cold.

Providing breaking analysis on social media, Chad Bolt, the policy manager for the advocacy group Indivisible, denounced the corporate tax cut as “HUGE” and pointed out that the broader proposal contained a “lot of scammy stuff” in terms of giveaways to businesses and the rich.

Here are the latest details, contained in a one-page sheet handed out during a closed-door meeting of the House Ways and Means Committee on Thursday morning:

Among other outlets, both the New York Times and CNBC have breakdowns of the framework which lavishes benefits on corporations and wealthy people while offering crumbs to the middle class.

In response to its release, Morris Pearl, chair of the Patriotic Millionaires, an advocacy group comprised of high-wealth individuals who say the tax code already benefits people like them too much,  slammed what the Republican leadership and President Donald Trump are proposing.