The House just voted for a second round of tax cuts, expanding on the massive tax bill signed into law by Donald Trump last December. They’re calling it “Tax Reform 2.0,” and here’s what CNBC says about what it will accomplish:
Among other changes, the bills would make recently enacted tax cuts for individuals permanent, expand retirement and education accounts and create tax-advantaged Universal Savings Accounts.
But as Jeff Stein of the Washington Post noted, the Tax Policy Center is pointing to some very different outcomes, both in terms of how much it will add to the deficit and who it will actually benefit:
As you see from the graph, the annual tax benefit form this package will overwhelmingly help the rich. You may save $100 if you're poor, but the amount you could save in just two years if you're a millionaire is almost enough to send someone to a four-year private university.
It's also interesting to note who voted against it:
The silver lining here is that the chances of passage in the Senate are slim due to how it affects the national deficit.