Californians knew the tax bill would be a bad deal, but a new data set put together by Democrats on Congress’s Joint Economic Committee shows the extent to which the bill is skewed toward the uber-rich. The top 0.1 percent of American families will receive a $193,000 cut in 2018 alone.
For the same amount of money, the average Californian could pay for 21 years of child care, 40 years of health care premiums, or 169 years of electric bills.
The new interactive map put out by Senate Democrats shows what a typical American could pay for with all the money Republicans like Reps. Steve Knight (R-Palmdale) and Mimi Walters (R-Irvine) showered on the wealthy through their support of the Republican tax bill.
“As the evidence mounts that the Republican tax law serves large corporations and the wealthy,” Sen. Martin Heinrich (D-NM) said, “this initial map will display how the tax bill is affecting American families throughout different states and regions.”
The typical family in California has plenty of reasons to be unhappy with the tax bill. By siding with Wisconsin’s Paul Ryan, Knight and Walters supported a bill “designed to hit Californians with the largest net tax hikes of any state in the nation,” according to Rep. Nancy Pelosi (D-San Francisco).
Millions of Californians are facing tax hikes while the wealthy and Wall Street investors are cashing in.
To make matters worse, Walters gloated over the fact that a secretary would see her paycheck increase by $1.50 per week. It would take that secretary 2,474 years to get what the top 0.1 percent gets in one year.
It is no wonder Republicans are spreading misleading information to build support for the tax bill. Walters claims the bill is not a “tax cut for the rich at the expense of the poor,” yet 1.3 million of the poorest Californians will face a tax hike.
Most Americans haven’t seen any changes in their paychecks since the new law took effect. Where the GOP once thought their tax bill would energize voters, the recent special election in Pennsylvania proved that notion false.
A recent analysis concluded that as a result of the tax bill, “the Republican party’s House and Senate majorities are at risk nationally.”
California Republicans once counted on the tax bill to help their efforts, but like the tax bill itself, the outcome could be more harm than good.