Rep. Maxine Waters, D-Calif., addresses a rally against the Republican tax plan outside the U.S. Capitol on Nov. 1. An analysis of the House and Senate proposals show they are likely to benefit the wealthy more than lower-income Americans. Chip Somodevilla/Getty Images hide caption
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$1.4 trillion is a lot of money. It’s what all of the NFL teams together are worth, and then some. It’s more than twice the Defense Department’s 2016 budget. It’s enough to buy nearly 3.2 million homes at the median U.S. home price right now.
It’s also roughly the amount that the proposed Republican tax overhaul would add to the deficit over 10 years — not even counting interest.
So in the House and Senate tax bills, where does all that money go? A big chunk would go to businesses, as both chambers want to drastically cut corporate tax rates. The rest, on the individual income tax side, will benefit many in the middle class, but by no means all — and altogether, it will by far benefit the richest Americans more, according to recent estimates. Meanwhile, the majority of the