Speed Reads

GOP tax plan

Republicans have found their 2018 campaign issue: Tax cuts

Republicans start 2018 with full control of the federal government, at least one government shutdown under their belt, a historically unpopular president, and a potentially ominous sea change among white women. But "Republican strategists are plotting an election-year survival strategy to steer the midterms away from the dangerous terrain of Trump's tweets and Capitol Hill dysfunction," The Washington Post reports: "Talk up job growth, highlight the soaring stock market and, most of all, convince voters that the tax-cut legislation that stands as their only major accomplishment is bringing back the good times."

About 60 percent of U.S. adults in a new Washington Post/ABC News poll say the GOP tax overhaul favors the rich over the middle class, and 46 percent say passing it was a "bad thing," versus 34 percent who call it a "good thing." But there's a large swathe of persuadable voters, and Republicans, wealthy donors, and the U.S. Chamber of Commerce are throwing tens of millions of dollars into a full-court press to convince voters to love the tax cut.

"Answer this question and I will tell you if we keep the House or not," says Corry Bliss, head of the GOP-aligned American Action Network, which pumped $24 million into GOP tax-cut boosterism last year and plans to spend $10 million more this quarter: "In 10 months, does the middle class think we cut their taxes?"

Without a push, most people won't really notice a 2018 tax cut until they do their taxes in 2019, though a single person making $50,000 should see $35 extra in each paycheck this year — or about $3,600 a year. The top 1 percent of households will get a tax cut of about $50,000. Luckily, the wealthy donors bankrolling the tax pitch were already thriving before the tax cuts — 82 percent of all wealth created last year went to the top 1 percent, Oxfam says in a new report, and the three wealthiest Americans now have the same wealth as the bottom 50 percent, or 160 million Americans.