Final Tax Analysis: Good for the Rich, Bad for the Middle Class

I know it’s totally unfair to point out what happens under the Republican tax bill in 2027 after the individual cuts expire. After all, Republicans say they don’t want them to expire, and we should all pay attention to what Republicans say rather than what they actually do. But I’m just an old dinosaur who thinks actions are more important than words. And regardless of what they may want in the secret recesses of their hearts, the bill they’re about to pass does this:

As the top chart shows, within a decade tax rates will go up for everyone making less than $55,000 and stay about the same up to $225,000. They’ll go down for everyone above that level, and they’ll go down the most for millionaires. This one is from the Tax Policy Center.

On the bottom, you can see how this affects households. Up to $75,000, households will pay several hundred dollars more each year in taxes. Those making over a million dollars per year will pay about $14,000 less. This is from the Joint Committee on Taxation.

But it doesn’t matter. These are the same numbers we’ve seen all along, and the fact that the middle class is getting screwed in service to tax cuts for the rich isn’t going to stop anyone. I sure hope Republicans pay a price for this almost unfathomable act of political cynicism.

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Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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