Wednesday, December 20, 2017
House And Senate Republicans Pass Their $1.5 Trillion Tax Give Away To Corporations And Billionaires... At The Expense Of Everyone Else
The controversial tax overhaul bill was approved early Wednesday with a vote in the Senate of 51-to-48 with every Democratic voting against it.
The House approved the bill Tuesday afternoon by a 227-to-203 margin, with only 12 Republicans joining the Democrats in voting against the measure.
The House however will have vote again on Wednesday morning after they strip three minor provisions they had included that did not comply with the Senate’s strict budget rules but the same results are expected.
Despite the necessary revote Trump immediately took to Twitter to gloat about his big new win...
Trump is expected to sign the bill after the House retakes their vote.
The bill permanently slashes tax rates for corporations and billionaires while benefits for the middle class disappear after a few years, according to an analysis by the Joint Committee on Taxation.
There is no conceivable way for the public to know how the tax overhaul will affect Trump since he refuses to release his tax returns.
Here are some of the bills other atrocities...
• The bill is projected to adds $1.5 to $2.2 trillion to the nation’s debt over the next ten years.
• 83% of the benefits of the plan eventually go to the top 1% of earners.
• The bill will raise taxes on 92 million middle-class families by 2027 to pay for tax breaks for the wealthy and corporations.
• The bill rescinds the Obamacare individual mandate requiring Americans to buy health insurance or face a tax penalty.
• The bill mandates automatic Medicare cuts of at least $25 billion in 2018 and $400 billion over 10 years.
• In the last 24 hours a provision benefiting real estate developers like Donald Trump was put in the bill giving them a net $265 billion tax cut from a new 20% deduction for “pass-through” business income (of which Trump owns 500) combined with a tightening of rules on losses.
• The bill limits the federal deduction for state and local taxes (SALT), hurting the middle class.
• The bill will now allow very rich families to inherit wealth tax-free by allowing wealthy heirs to avoid paying the estate tax to the tune of $83 billion.
• An amendment added to the bill will open Alaska’s Arctic National Wildlife Refuge to oil and natural gas drilling.
• The AARP fears that increases to the deficit will trigger cuts to Medicare if Congress doesn’t waive sequestration rules for federal spending.
Because the bill was largely written in secret, with a final draft only being released last Friday, tax experts are still poring through the legislation trying to understand the changes.
A CNN poll released Tuesday found that 55% of Americans have a negative view of the legislation as only just 33% favor the GOP-led effort.