For Main Street small businesses, the benefits of the Tax Act are peanuts. Nearly half of all the savings go to people making over $1 million a year.
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.
Inequality.org co-editor, Chuck Collins, was a guest on Rising up with Sonali where he spoke on the impact that everyday Americans will feel from the passage of the GOP tax bill.
“This bill throws oil on the inequality fire. It’s a very good bill for asset owners or people who already have wealth, whether it’s corporate stock or inheritances and it’s not a terribly good bill for workers,” Collins explained. “You can see that thread throughout the bill that there is a bias towards people who own capital and people who are owners of enterprises as opposed to the workers.”
Watch the clip below for the full interview:
Chuck Collins directs the Program on Inequality at the Institute for Policy Studies. He is co-editor of Inequality.org and the author of Born on Third Base: A One Percenter Makes the Case for Tackling Inequality, Bringing Wealth Home, and Committing to the Common Good.