How The GOP Tax Plan Impacts Ordinary Americans
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FEATURING CHUCK COLLINS – Republicans are celebrating their first and only legislative victory of the year in passing a major tax overhaul late on Tuesday night. The House voted on a reconciliation bill with 12 Republicans voting no, before the Senate passed it 51 to 48 along strict party lines. The House has had to redo its vote on Wednesday morning because of violations of a little-known rule called the Byrd rule.
The tax plan is hugely unpopular among the public who see how skewed the new code is in favor of the wealthiest Americans and large corporations. Still, Republicans are counting on reviving their popularity when the tax cuts take effect.
Chuck Collins, senior scholar at the Institute for Policy Studies where he directs the Program on Inequality and the Common Good. He has written a number of books including 99 to 1: How Wealth Inequality is Wrecking the World and What We Can Do About It, and Born on Third Base: A One Percenter Makes the Case for Tackling Inequality, Bringing Wealth Home, and Committing to the Common Good.