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.
Read more here: https://www.cbpp.org/research/federal-tax/jct-estimates-final-gop-tax-bill-skewed-to-top-hurts-many-low-and-middle-income#_ftn3
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