Tuesday, December 19, 2017

Republican Tax Bill: A Lump of Toxic Coal for the Middle Class and Seniors

The Republicans are set to pass their tax bill.  It will be a shiny Christmas present for the rich and for corporations.  The Middle class and poor get a lump of coal, and a small lump of coal at that, one that will be taken away in a few years.  Here is the truth about what the Republican tax bill will do to our country.

13 million Americans will lose their health insurance so that Republicans can partially pay for their gift to the rich and corporations.  The % uninsured among the non-elderly will rise rapidly from 11% to 16% or more over the next few years.  See:  https://www.cbpp.org/research/health/republicans-considering-increasing-number-of-uninsured-by-millions-raising-premiums

Seniors receiving Social Security will see a benefit CUT to help pay for tax cuts for the rich and corporations that will start in 2018 and get bigger each passing year due to change in the way the inflation rate will be calculated by moving from the Cost of Living (COLA) to a Chained CPI.  Republicans argue that seniors can get by with less since they can just substitute a lower-cost item for the “luxury” goods they are currently purchasing.  For example, instead of eating steak every night, seniors can substitute dog food a few times a week.  See: https://www.aarp.org/politics-society/advocacy/info-03-2013/five-reasons-chained-cpi-hurts-seniors.html

The Republican tax bill will add $2.2 trillion to the U.S. deficit between 2018 and 2027 by most estimates even though the Republicans use an accounting gimmick to make $2.2 trillion look like ONLY $1.5 trillion.  See: https://www.cbpp.org/blog/tax-bills-cost-could-hit-22-trillion-over-next-decade

The Republicans justify the suffering their bill will bring to seniors and the middle class by arguing that the tax gifts to corporations contained in the bill will result in:

1. Corporations expanded production capacity they do’t need
2. Corporations hiring workers they don’t’ use
3. Corporations increasing average wage rates because it is “the right thing to do.”

We are assured that corporations will not use the tax savings to pay CEOs higher salaries, provide greater dividends to their stockholders and/or to buyback their stock, which is what they have always done in the past.  See my previous post: Illogic on the Republican Tax Plan.

Republican tax bill—Bad for the middle class.  Bad for America.
Republicans in general—Bad for the middle class.  Bad for America.

It is too late to stop the Republicans from what they are doing to our country with this tax bill.  It is NOT for Democrats to mobilize to take back the House and Senate next year and the Presidency in 2020.  But, Democrats need your help if America is going to be made a Great Progressive Country again.


Caps are for sale.

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