By Alex Pappas February 25, 2018 12:01:38While the Republican Party’s presumptive presidential nominee, Donald Trump, and the party’s congressional leadership are widely regarded as anti-business, their policies on the economy have been widely lauded.
This week, however, the GOP has emerged as a party of economic populism, with Republican legislators proposing sweeping tax cuts for the wealthy and a massive expansion of the Earned Income Tax Credit.
The policies would further increase the federal deficit, the nonpartisan Congressional Budget Office estimated in February, and they would likely cost the U.S. economy $1.5 trillion in the next decade.
The tax cuts and other measures are being spearheaded by Rep. Paul Ryan, the Republican chairman of the House Budget Committee, and Sen. Jeff Sessions, a member of the Senate Budget Committee.
Ryan and Sessions have said they intend to propose tax cuts that are paid for with a combination of tax increases and spending cuts, a tactic that many economists argue would not only add to the federal debt, but would also damage the economy.
This is not to say that the tax cuts would be a boon to the economy or to the middle class, but rather that they would make the economy more dependent on tax cuts, especially for high-income individuals.
This would not be the first time the Republican tax plan has been described as anti, or that the party has attempted to make things worse for low- and middle-income Americans.
For instance, in 2015, Ryan announced a plan to reduce the standard deduction, the deduction for charitable contributions and the standard child-care tax credit, all of which are geared toward those at the top of the income scale.
These were unpopular with many people who did not want to see the tax plan changed, and Trump, who won the 2016 election, immediately criticized the tax reform proposals, claiming that they were “a giveaway to the wealthy.”
A report published in March by the nonpartisan Tax Policy Center found that the plan would actually raise the average income of those who would lose tax breaks and reduce the number of people receiving them.
Trump’s tax plan is the first of many proposed by the Republican party to benefit the wealthy.
The Tax Policy Institute, a left-leaning think tank, estimated that the GOP tax plan would benefit the top 1 percent of Americans at a rate of $12,000 a year, or an average of $14,400 a year.
This amount is only a fraction of the $250,000 average annual income for middle-class households, according to the Tax Policy Foundation, and would be significantly lower than what they receive under current law.
The report estimated that if the GOP plan was enacted and applied retroactively, about $1,600 would be taken out of the pockets of low-income households over the next ten years.
The analysis also found that, in 2025, the median household income for the top 10 percent of earners would drop by $20,000.
These numbers are in line with estimates that have been released by the Joint Committee on Taxation, which have estimated that repealing the individual mandate would lead to a $2 trillion decrease in the economy, while the tax changes would add $1 trillion to the deficit over the decade.
As the Tax Foundation’s analysis of the Ryan-Sessions tax plan notes, the tax cut plan is intended to benefit wealthy Americans.
However, this is not the only anti-poverty proposal the GOP is considering.
As reported by the Hill, a bill to raise the minimum wage from $7.25 an hour to $10.10 an hour was introduced on Thursday by Sen. Jon Tester, D-Mont., and Rep. Peter Roskam, R-Ill., as well as the House Ways and Means Committee, as well a bill that would increase the child tax credit from $1 million to $2,000, as reported by The Hill.
These measures are aimed at providing more support for working families, as Tester noted in his announcement.
The progressive tax plan also proposes to make certain low-wage workers ineligible for unemployment benefits, including those with less than a high school diploma, which has a significant impact on the health of low income families.
This could include people who are single mothers, people with child care responsibilities, or even those who work part time, according the report.
This measure is designed to help the wealthy, who have disproportionately high income, by providing tax breaks to their heirs and other individuals, the report said.
This tax reform plan has also received criticism from the progressive advocacy group Working Families Party, which noted that the legislation will have the largest tax increase of any legislation passed by Congress in recent years.
While some have argued that the policies are anti-poor, they argue that these policies are part of a larger Republican Party effort to “drain the swamp” and “bring the corporate and Wall Street elites into the fold.”
“As the GOP pushes to create a ‘millionaire tax’ and