Who doesn’t want to pay less in taxes? If the new GOP tax plan were a true tax cut, more than the current 25 percent of American people would approve of it.
This plan was written in about 3 weeks with the help (term used loosely) of more than 6,000 lobbyists, unelected people who represent particular interests, like hedge fund managers. There is no CBO score, no public hearings, and no witness testimony.
The repeal of the ACA mandate in this bill will raise premiums, and it is expected that 13 million Americans will lose health coverage. This tax “cut” will add at least $ trillion to the deficit over the next 10 years. With no evidence that these tax cuts will pay for themselves, Congress is already discussing ways of cutting Social Security and Medicare to help fund this bill.
The tax cuts for corporations are permanent. The personal tax cuts will expire in the near future. By 2027, 62 percent of most lower and middle class Americans will have a tax increase. Only 10 percent of the wealthiest 1 percent will have an increase.
There is no evidence that trickle-down economics will improve the financial situations of the average American worker. There is no guarantee that the enormous tax breaks given to corporations will reach employees. Many CEOs have said the money will go back into the companies through stock buybacks, etc.
Make no mistake about it! This is a tax cut for the most prosperous in our country paid for on our backs.
If the obscenity of this bill bothers you, contact your representatives.