Reprinted from The AFL-CIO blog Now by Kelly Ross on December 18, 2017.
Here are the main reasons the legislation is bad for working people:
- Rigging the rules. Big banks, hedge funds and other Wall Street firms are the biggest winners from this tax bill. The richest 1% of households would receive 83% of tax cuts, and the richest 0.1% would get an average tax cut of more than $148,000. The tax bill is full of complex tax gimmicks that would encourage tax dodging while enriching lawyers and accountants.
- Job-killing tax breaks for outsourcing. The Republican tax plan would lower the U.S. tax rate on offshore profits to zero, giving corporations an incentive to move American jobs offshore. …