David S. Mitchell
@dsmitch28.bsky.social
tax & regulatory policy @equitablegrowth. proud alum of @AspenFSP @SenSherrodBrown @GeorgetownLaw @PrincetonSPIA @TuftsUniversity. Opinions my own.
Reason #3: These rich folks just got another tax cut!
The Tax Cuts & Jobs Act of 2017 already led to a big cut for the top. But this year's One Big Beautiful Bill Act not only extended TCJA but further lowered estate tax & provided additional breaks to high-income businesses & investors.
END/
The Tax Cuts & Jobs Act of 2017 already led to a big cut for the top. But this year's One Big Beautiful Bill Act not only extended TCJA but further lowered estate tax & provided additional breaks to high-income businesses & investors.
END/
August 25, 2025 at 3:37 PM
Reason #3: These rich folks just got another tax cut!
The Tax Cuts & Jobs Act of 2017 already led to a big cut for the top. But this year's One Big Beautiful Bill Act not only extended TCJA but further lowered estate tax & provided additional breaks to high-income businesses & investors.
END/
The Tax Cuts & Jobs Act of 2017 already led to a big cut for the top. But this year's One Big Beautiful Bill Act not only extended TCJA but further lowered estate tax & provided additional breaks to high-income businesses & investors.
END/
Reason #2: The researchers attribute the ENTIRE corporate tax to shareholders. Most analysts assume some of the tax gets paid by workers.
Either way, the researchers find the corporate tax is critical for fairly taxing the richest Americans. Their total tax rate would be ≈15% without it.
Either way, the researchers find the corporate tax is critical for fairly taxing the richest Americans. Their total tax rate would be ≈15% without it.
August 25, 2025 at 3:37 PM
Reason #2: The researchers attribute the ENTIRE corporate tax to shareholders. Most analysts assume some of the tax gets paid by workers.
Either way, the researchers find the corporate tax is critical for fairly taxing the richest Americans. Their total tax rate would be ≈15% without it.
Either way, the researchers find the corporate tax is critical for fairly taxing the richest Americans. Their total tax rate would be ≈15% without it.
8) Missed Opportunity on Care
Instead of making the investments we know we need in paid leave, child care, and pre-K, the law tweaks a few employer tax credits and modestly and selectively increases the child tax credit, a woefully inadequate response to the care crisis.
Instead of making the investments we know we need in paid leave, child care, and pre-K, the law tweaks a few employer tax credits and modestly and selectively increases the child tax credit, a woefully inadequate response to the care crisis.
July 15, 2025 at 5:06 PM
8) Missed Opportunity on Care
Instead of making the investments we know we need in paid leave, child care, and pre-K, the law tweaks a few employer tax credits and modestly and selectively increases the child tax credit, a woefully inadequate response to the care crisis.
Instead of making the investments we know we need in paid leave, child care, and pre-K, the law tweaks a few employer tax credits and modestly and selectively increases the child tax credit, a woefully inadequate response to the care crisis.
5) More Indefensible Tax Giveaways
The law doesnt just extend TCJA & doesnt just affect marginal rates. It gifts bunch of other handouts to the rich, including
Increase in estate tax exemption
Enhanced qualified small business stock exclusion
Extension of pass-through deduction
The law doesnt just extend TCJA & doesnt just affect marginal rates. It gifts bunch of other handouts to the rich, including
Increase in estate tax exemption
Enhanced qualified small business stock exclusion
Extension of pass-through deduction
July 15, 2025 at 5:06 PM
5) More Indefensible Tax Giveaways
The law doesnt just extend TCJA & doesnt just affect marginal rates. It gifts bunch of other handouts to the rich, including
Increase in estate tax exemption
Enhanced qualified small business stock exclusion
Extension of pass-through deduction
The law doesnt just extend TCJA & doesnt just affect marginal rates. It gifts bunch of other handouts to the rich, including
Increase in estate tax exemption
Enhanced qualified small business stock exclusion
Extension of pass-through deduction
4) Large Tax Cuts for the Wealthy
The law uses these savings from Medicaid & SNAP for large tax cuts for the rich, making it the most regressive tax & budget bill in modern history.
The average household in top 0.1%, which makes >$2 million/year, gets a $300K+ cut in 2027.
The law uses these savings from Medicaid & SNAP for large tax cuts for the rich, making it the most regressive tax & budget bill in modern history.
The average household in top 0.1%, which makes >$2 million/year, gets a $300K+ cut in 2027.
July 15, 2025 at 5:06 PM
4) Large Tax Cuts for the Wealthy
The law uses these savings from Medicaid & SNAP for large tax cuts for the rich, making it the most regressive tax & budget bill in modern history.
The average household in top 0.1%, which makes >$2 million/year, gets a $300K+ cut in 2027.
The law uses these savings from Medicaid & SNAP for large tax cuts for the rich, making it the most regressive tax & budget bill in modern history.
The average household in top 0.1%, which makes >$2 million/year, gets a $300K+ cut in 2027.
3) Increased Hunger
22 million families will lose some or all of their SNAP benefits as a result of the cuts, which will also have negative downstream consequences on local economies across the US.
22 million families will lose some or all of their SNAP benefits as a result of the cuts, which will also have negative downstream consequences on local economies across the US.
July 15, 2025 at 5:06 PM
3) Increased Hunger
22 million families will lose some or all of their SNAP benefits as a result of the cuts, which will also have negative downstream consequences on local economies across the US.
22 million families will lose some or all of their SNAP benefits as a result of the cuts, which will also have negative downstream consequences on local economies across the US.
2) Backdoor Repeal of the Affordable Care Act
It's not just Medicaid that gets hit, but also enhanced premium tax credits that millions of Americans use to gain access to affordable insurance through the state marketplaces.
It's not just Medicaid that gets hit, but also enhanced premium tax credits that millions of Americans use to gain access to affordable insurance through the state marketplaces.
July 15, 2025 at 5:06 PM
2) Backdoor Repeal of the Affordable Care Act
It's not just Medicaid that gets hit, but also enhanced premium tax credits that millions of Americans use to gain access to affordable insurance through the state marketplaces.
It's not just Medicaid that gets hit, but also enhanced premium tax credits that millions of Americans use to gain access to affordable insurance through the state marketplaces.
1) Phony Populism
Though "no tax on tips/overtime" got a lot of attention, they are tiny compared to the rest of the law.
Plus, they're overly complicated, hard to enforce, will benefit few U.S. workers, and will expire after 2028...
Though "no tax on tips/overtime" got a lot of attention, they are tiny compared to the rest of the law.
Plus, they're overly complicated, hard to enforce, will benefit few U.S. workers, and will expire after 2028...
July 15, 2025 at 5:06 PM
1) Phony Populism
Though "no tax on tips/overtime" got a lot of attention, they are tiny compared to the rest of the law.
Plus, they're overly complicated, hard to enforce, will benefit few U.S. workers, and will expire after 2028...
Though "no tax on tips/overtime" got a lot of attention, they are tiny compared to the rest of the law.
Plus, they're overly complicated, hard to enforce, will benefit few U.S. workers, and will expire after 2028...
Even before Senate made them worse, OBBBA's Medicaid & SNAP cuts projected to be economic equivalent of losing:
97% of food manufacturing in New Jersey's 7th district (Kean)
85% of farming in NE-2 (Bacon)
69% of hospitality (largest private industry in district!) in CO-3 (Hurd)
...
97% of food manufacturing in New Jersey's 7th district (Kean)
85% of farming in NE-2 (Bacon)
69% of hospitality (largest private industry in district!) in CO-3 (Hurd)
...
July 2, 2025 at 2:54 PM
Even before Senate made them worse, OBBBA's Medicaid & SNAP cuts projected to be economic equivalent of losing:
97% of food manufacturing in New Jersey's 7th district (Kean)
85% of farming in NE-2 (Bacon)
69% of hospitality (largest private industry in district!) in CO-3 (Hurd)
...
97% of food manufacturing in New Jersey's 7th district (Kean)
85% of farming in NE-2 (Bacon)
69% of hospitality (largest private industry in district!) in CO-3 (Hurd)
...
All plastics & rubber manufacturing in Ohio
All machinery manufacturing in Pennsylvania
If 80% of military bases in Missouri closed
In total: Loss of $120 billion in local income & 1.6 million local jobs
Check out the full list @equitablegrowth.bsky.social: equitablegrowth.org/medicaid-and...
All machinery manufacturing in Pennsylvania
If 80% of military bases in Missouri closed
In total: Loss of $120 billion in local income & 1.6 million local jobs
Check out the full list @equitablegrowth.bsky.social: equitablegrowth.org/medicaid-and...
June 27, 2025 at 2:03 PM
All plastics & rubber manufacturing in Ohio
All machinery manufacturing in Pennsylvania
If 80% of military bases in Missouri closed
In total: Loss of $120 billion in local income & 1.6 million local jobs
Check out the full list @equitablegrowth.bsky.social: equitablegrowth.org/medicaid-and...
All machinery manufacturing in Pennsylvania
If 80% of military bases in Missouri closed
In total: Loss of $120 billion in local income & 1.6 million local jobs
Check out the full list @equitablegrowth.bsky.social: equitablegrowth.org/medicaid-and...
Eye-popping analysis here!
Once Americans learn about the unprecedented regressivity in the reconciliation bill, they oppose 78-11.
Even Republicans oppose 61-23 (after initially supporting before learning the distributional effect of the tax & spending cuts).
Once Americans learn about the unprecedented regressivity in the reconciliation bill, they oppose 78-11.
Even Republicans oppose 61-23 (after initially supporting before learning the distributional effect of the tax & spending cuts).
June 25, 2025 at 2:50 PM
Eye-popping analysis here!
Once Americans learn about the unprecedented regressivity in the reconciliation bill, they oppose 78-11.
Even Republicans oppose 61-23 (after initially supporting before learning the distributional effect of the tax & spending cuts).
Once Americans learn about the unprecedented regressivity in the reconciliation bill, they oppose 78-11.
Even Republicans oppose 61-23 (after initially supporting before learning the distributional effect of the tax & spending cuts).
Note in the graph above the 9.2% on top 400 families & a so-small-it's-hard-to-see 0.5% on Bezos & Buffett. 👀
All of these rates are considerably lower than what many non-rich, wage-earning Americans pay, especially given regressive federal payroll taxes. 5/
All of these rates are considerably lower than what many non-rich, wage-earning Americans pay, especially given regressive federal payroll taxes. 5/
June 11, 2025 at 5:33 PM
Note in the graph above the 9.2% on top 400 families & a so-small-it's-hard-to-see 0.5% on Bezos & Buffett. 👀
All of these rates are considerably lower than what many non-rich, wage-earning Americans pay, especially given regressive federal payroll taxes. 5/
All of these rates are considerably lower than what many non-rich, wage-earning Americans pay, especially given regressive federal payroll taxes. 5/
We know from @propublica.org @zliscow.bsky.social @gregleiserson.bsky.social @jarobb.bsky.social & others that FEDERAL INCOME tax is major driver of problem.
Especially when you (correctly!) count unrealized capital gains (appreciated assets that are big part of fortunes at the top) as income. 4/
Especially when you (correctly!) count unrealized capital gains (appreciated assets that are big part of fortunes at the top) as income. 4/
June 11, 2025 at 5:33 PM
We know from @propublica.org @zliscow.bsky.social @gregleiserson.bsky.social @jarobb.bsky.social & others that FEDERAL INCOME tax is major driver of problem.
Especially when you (correctly!) count unrealized capital gains (appreciated assets that are big part of fortunes at the top) as income. 4/
Especially when you (correctly!) count unrealized capital gains (appreciated assets that are big part of fortunes at the top) as income. 4/
For example, Jeff Bezos & Warren Buffett, two of the richest Americans alive, likely pay a total tax rate of 18%.
This includes ALL tax: state, federal, & foreign…as well as their share of their companies’ corporate tax.
(h/t Emmanuel Saez & @gabrielzucman.bsky.social) 3/
This includes ALL tax: state, federal, & foreign…as well as their share of their companies’ corporate tax.
(h/t Emmanuel Saez & @gabrielzucman.bsky.social) 3/
June 11, 2025 at 5:33 PM
For example, Jeff Bezos & Warren Buffett, two of the richest Americans alive, likely pay a total tax rate of 18%.
This includes ALL tax: state, federal, & foreign…as well as their share of their companies’ corporate tax.
(h/t Emmanuel Saez & @gabrielzucman.bsky.social) 3/
This includes ALL tax: state, federal, & foreign…as well as their share of their companies’ corporate tax.
(h/t Emmanuel Saez & @gabrielzucman.bsky.social) 3/
The top 1% get 55% of benefits!
So this one wasteful provision will send ≈$400 billion/10yrs to millionaires & billionaires.
While at the same time the bill cuts SNAP by 27% to "save" $300b, kicking millions off food stamps so that Mike Bloomberg & friends get a bigger tax cut.
So this one wasteful provision will send ≈$400 billion/10yrs to millionaires & billionaires.
While at the same time the bill cuts SNAP by 27% to "save" $300b, kicking millions off food stamps so that Mike Bloomberg & friends get a bigger tax cut.
June 10, 2025 at 7:24 PM
The top 1% get 55% of benefits!
So this one wasteful provision will send ≈$400 billion/10yrs to millionaires & billionaires.
While at the same time the bill cuts SNAP by 27% to "save" $300b, kicking millions off food stamps so that Mike Bloomberg & friends get a bigger tax cut.
So this one wasteful provision will send ≈$400 billion/10yrs to millionaires & billionaires.
While at the same time the bill cuts SNAP by 27% to "save" $300b, kicking millions off food stamps so that Mike Bloomberg & friends get a bigger tax cut.
Speaking of cost, Comm for Responsible Federal Budget rightly points out that current price tag of $3+ trillion/10 yrs understates true fiscal risk.
By sunsetting various provisions (among other budget gimmicks), this bill sets up ANOTHER fiscal cliff in 4 years. 8/ www.crfb.org/blogs/reconc...
By sunsetting various provisions (among other budget gimmicks), this bill sets up ANOTHER fiscal cliff in 4 years. 8/ www.crfb.org/blogs/reconc...
May 20, 2025 at 5:27 PM
Speaking of cost, Comm for Responsible Federal Budget rightly points out that current price tag of $3+ trillion/10 yrs understates true fiscal risk.
By sunsetting various provisions (among other budget gimmicks), this bill sets up ANOTHER fiscal cliff in 4 years. 8/ www.crfb.org/blogs/reconc...
By sunsetting various provisions (among other budget gimmicks), this bill sets up ANOTHER fiscal cliff in 4 years. 8/ www.crfb.org/blogs/reconc...
@budgetmodel.bsky.social finds even more lopsided impact: Lowest 20% loses $1K while top 0.1% gains $389K
Dynamic distributional analysis shows that low- & middle-income, especially kids & seniors, are hurt the most (red = bill makes you worse off) 4/ budgetmodel.wharton.upenn.edu/issues/2025/...
Dynamic distributional analysis shows that low- & middle-income, especially kids & seniors, are hurt the most (red = bill makes you worse off) 4/ budgetmodel.wharton.upenn.edu/issues/2025/...
May 20, 2025 at 5:27 PM
@budgetmodel.bsky.social finds even more lopsided impact: Lowest 20% loses $1K while top 0.1% gains $389K
Dynamic distributional analysis shows that low- & middle-income, especially kids & seniors, are hurt the most (red = bill makes you worse off) 4/ budgetmodel.wharton.upenn.edu/issues/2025/...
Dynamic distributional analysis shows that low- & middle-income, especially kids & seniors, are hurt the most (red = bill makes you worse off) 4/ budgetmodel.wharton.upenn.edu/issues/2025/...
@budgetlab.bsky.social finds that the bill would boost incomes of top 1% by 4+% (≈$70,000) while REDUCING income for bottom 20% by nearly 4% ($800+).
82% of bill's net benefits go to top 20% (income >$128K)
Top 0.1% (income >$3.4 million) will get $285K! 3/
budgetlab.yale.edu/research/dis...
82% of bill's net benefits go to top 20% (income >$128K)
Top 0.1% (income >$3.4 million) will get $285K! 3/
budgetlab.yale.edu/research/dis...
May 20, 2025 at 5:27 PM
@budgetlab.bsky.social finds that the bill would boost incomes of top 1% by 4+% (≈$70,000) while REDUCING income for bottom 20% by nearly 4% ($800+).
82% of bill's net benefits go to top 20% (income >$128K)
Top 0.1% (income >$3.4 million) will get $285K! 3/
budgetlab.yale.edu/research/dis...
82% of bill's net benefits go to top 20% (income >$128K)
Top 0.1% (income >$3.4 million) will get $285K! 3/
budgetlab.yale.edu/research/dis...
Passthrough lobbyists weren't even asking for an increase in this deduction (at least not publicly)! www.nfib.com/stopsmallbiz...
Michael Bloomberg, the Uihleins, Diane Hendricks, and their ilk are surely popping bottles in celebration...
Michael Bloomberg, the Uihleins, Diane Hendricks, and their ilk are surely popping bottles in celebration...
May 13, 2025 at 9:38 PM
Passthrough lobbyists weren't even asking for an increase in this deduction (at least not publicly)! www.nfib.com/stopsmallbiz...
Michael Bloomberg, the Uihleins, Diane Hendricks, and their ilk are surely popping bottles in celebration...
Michael Bloomberg, the Uihleins, Diane Hendricks, and their ilk are surely popping bottles in celebration...
3) Bending the knee to the investor class at every turn:
-Renewing failed opportunity zone program, giving wealthy another chance to shelter capital gains in already-gentrifying areas
-Leaving intact carried interest, qualified small business stock exclusion, & other loopholes
-Renewing failed opportunity zone program, giving wealthy another chance to shelter capital gains in already-gentrifying areas
-Leaving intact carried interest, qualified small business stock exclusion, & other loopholes
May 13, 2025 at 2:28 PM
3) Bending the knee to the investor class at every turn:
-Renewing failed opportunity zone program, giving wealthy another chance to shelter capital gains in already-gentrifying areas
-Leaving intact carried interest, qualified small business stock exclusion, & other loopholes
-Renewing failed opportunity zone program, giving wealthy another chance to shelter capital gains in already-gentrifying areas
-Leaving intact carried interest, qualified small business stock exclusion, & other loopholes
2) Permanently increasing the estate tax exemption
I guess because wealthy inequality and oligarchy are not already big enough problems in the U.S. And hard-working heirs of the rich and famous deserve tax-free trust funds.
equitablegrowth.org/research-pap...
I guess because wealthy inequality and oligarchy are not already big enough problems in the U.S. And hard-working heirs of the rich and famous deserve tax-free trust funds.
equitablegrowth.org/research-pap...
May 13, 2025 at 2:28 PM
2) Permanently increasing the estate tax exemption
I guess because wealthy inequality and oligarchy are not already big enough problems in the U.S. And hard-working heirs of the rich and famous deserve tax-free trust funds.
equitablegrowth.org/research-pap...
I guess because wealthy inequality and oligarchy are not already big enough problems in the U.S. And hard-working heirs of the rich and famous deserve tax-free trust funds.
equitablegrowth.org/research-pap...
Instead, unable to resist giving the rich tax cuts, Republicans have taken an ineffective & regressive 2017 bill & made it worse by:
1) Permanently increasing 199A for passthrough business owners, a $800 billion gift to the likes of Michael Bloomberg equitablegrowth.org/2017-tax-cut...
1) Permanently increasing 199A for passthrough business owners, a $800 billion gift to the likes of Michael Bloomberg equitablegrowth.org/2017-tax-cut...
May 13, 2025 at 2:28 PM
Instead, unable to resist giving the rich tax cuts, Republicans have taken an ineffective & regressive 2017 bill & made it worse by:
1) Permanently increasing 199A for passthrough business owners, a $800 billion gift to the likes of Michael Bloomberg equitablegrowth.org/2017-tax-cut...
1) Permanently increasing 199A for passthrough business owners, a $800 billion gift to the likes of Michael Bloomberg equitablegrowth.org/2017-tax-cut...
2) Estate tax. Previously a bulwark against aristocracy, it was nearly abolished by the 2017 bill, allowing many huge fortunes to escape taxation entirely. As @jeanmross.bsky.social writes, reinstating it would fight back against the billionaire takeover. equitablegrowth.org/research-pap...
April 29, 2025 at 12:53 PM
2) Estate tax. Previously a bulwark against aristocracy, it was nearly abolished by the 2017 bill, allowing many huge fortunes to escape taxation entirely. As @jeanmross.bsky.social writes, reinstating it would fight back against the billionaire takeover. equitablegrowth.org/research-pap...
1) Qualified business income deduction (Section 199A). This is one of the most expensive & regressive parts of 2017 law, providing a windfall to billionaires & other wealthy owners of “pass-through” businesses but doing nothing to spur economic growth. equitablegrowth.org/2017-tax-cut...
April 29, 2025 at 12:53 PM
1) Qualified business income deduction (Section 199A). This is one of the most expensive & regressive parts of 2017 law, providing a windfall to billionaires & other wealthy owners of “pass-through” businesses but doing nothing to spur economic growth. equitablegrowth.org/2017-tax-cut...
What about helping working class Americans who have gotten a raw deal over the last many decades?
No, another tax cut that gives much bigger benefits to the rich than to everyone else doubles down on the trickle down economics that got us here and exacerbates inequality. 5/
No, another tax cut that gives much bigger benefits to the rich than to everyone else doubles down on the trickle down economics that got us here and exacerbates inequality. 5/
April 15, 2025 at 4:05 PM
What about helping working class Americans who have gotten a raw deal over the last many decades?
No, another tax cut that gives much bigger benefits to the rich than to everyone else doubles down on the trickle down economics that got us here and exacerbates inequality. 5/
No, another tax cut that gives much bigger benefits to the rich than to everyone else doubles down on the trickle down economics that got us here and exacerbates inequality. 5/