GOP tax ‘cut’ raises middle class bills in Md. and beyond

epublicans, led by Donald Trump, have been boasting about the “big, beautiful Christmas present” given to the American people last year in the form of their major overhaul of the tax system. Republican Sen. Mitch McConnell, however, was quoted many times as saying that the cut would be “revenue neutral.” So, how can we be receiving presents while the nation’s budget is not impacted? Just what does this tax cut mean?

It’s actually pretty simple: While taxes for some will go down, taxes for many others will go up in order to pay for this “new normal.” The only question is: Who wins and who loses? For many Marylanders, the overhaul amounts to an oversell. Yes, many will pay more.

Couple this realization with the news that the Federal Reserve is boosting interest rates for the third time in a year — the first time that’s happened since the early 2000s, and you might start to worry. Something is shifting in our understanding of economics, class and mobility. The system is being locked down. All but the wealthiest are being locked out.

The winners in Trump’s tax-cut fever end up being the ultra-rich top 1 percent and corporations, who have seen their tax rates slashed and their ability to take deductions actually increase. In Maryland, middle class families have had valuable tax deductions at both the federal and state level taken away. They likely will see their tax bills climb.

RNow that the smoke has cleared and we can see this “tax cut” for what it really is — a remarkable benefit for the ultra-rich and corporations — we can begin to understand the larger pieces that are now in play.