House Speaker Paul Ryan can’t stop himself from crowing about the tax cut and how wonderful it is for the working stiff. Ryan told about a public school secretary taking home an additional $1.50 extra per week because of the bill. Good for her. A little more each week is a plus, but if you do the math it makes you aware of how wonderful this tax cut for the top 1 percent is.
The numbers: $1.50 extra each week for 52 weeks equals $78 per year. Nice. If we multiply that by the U.S. workforce, 160 million, you get some very large numbers: $12.48 billion extra to U.S. workers annually. Nice. And in 10 years, the term of the tax cut, it’s $124.8 billion.
This tax cut is projected to cost $1 trillion to $1.5 trillion. If we working stiffs get the $124 billion extra in our take-home pay, the extra money has to go somewhere. Let’s just stick with the low end, $1 trillion, minus the extra money the working stiff gets, and the leftover equals $875 billion for the top 1 percent. We get $124 billion extra and the top 1 percent get $875 billion. Nice. We just got screwed again.
