Republican Tax Plan Is Now Officially Batshit Crazy

The Republican tax bill has gone from bad to completely, bugshit nuts. Via the Joint Committee on Taxation, here’s the latest estimate of how the Senate version of the bill will change the taxes you pay:

This is not a typo. By 2027, middle-class taxpayers will, on average, pay about $400 more than they would under current law. The rich will pay several thousand dollars less. Here are the changes in tax rates:

Have Republicans gone crazy? They can’t seriously be thinking of passing this thing, can they?

UPDATE: I’ve changed the top chart because it was confusing. JCT calculates the total amount that each income class will pay, and unless you look at the chart closely it appears that a middle-class taxpayer will pay $4-8,000 more in taxes. In fact, they will collectively pay $4-8 billion more. I’ve divided each income class by the number of households in the class to get an average per household.¹ This is what the new chart shows.

¹It’s actually the average per “tax unit,” but it’s pretty much the same thing.

TIME IS RUNNING OUT!

We have an ambitious $350,000 online fundraising goal this month and it's truly crunch time: About 15 percent of our yearly online giving usually comes in during the final week of the year, and in "No Cute Headlines or Manipulative BS," we explain why we simply can't afford to come up short right now.

The bottom line: Corporations and powerful people with deep pockets will never sustain the type of journalism Mother Jones exists to do. And advertising or profit-driven ownership groups will never make time-intensive, in-depth reporting viable.

That's why donations big and small make up 74 percent of our budget this year. There is no backup to keep us going, no alternate revenue source, no secret benefactor. If readers don’t donate, we won’t be here. It's that simple.

And if you can help us out with a donation right now, all online gifts will be matched thanks to an incredibly generous matching gift pledge.

payment methods

TIME IS RUNNING OUT!

We have an ambitious $350,000 online fundraising goal this month and it's truly crunch time: About 15 percent of our yearly online giving usually comes in during the final week of the year, and in "No Cute Headlines or Manipulative BS," we explain why we simply can't afford to come up short right now.

The bottom line: Corporations and powerful people with deep pockets will never sustain the type of journalism Mother Jones exists to do. And advertising or profit-driven ownership groups will never make time-intensive, in-depth reporting viable.

That's why donations big and small make up 74 percent of our budget this year. There is no backup to keep us going, no alternate revenue source, no secret benefactor. If readers don’t donate, we won’t be here. It's that simple.

And if you can help us out with a donation right now, all online gifts will be matched thanks to an incredibly generous matching gift pledge.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate