Doing the Dozens With Fake GOP Tax Reform: It’s Bad but How Bad is it?
It’s bad. It’s the most regressive tax bill in American history, the worst bill since the Corn Laws-which was British-and it’s very close to becoming law. It’s way too close.
Let’s count-some-of the ways that it’s an awful, terrible, bad, very bad, no good fake tax reform bill.
1. The GOP tax reform is so bad it’s not tax reform at all. It’s just a huge tax cut for the rich. Even Larry Kudlow admits it’s not tax reform.
2. The fake GOP tax reform bill is so bad they can only sell it on the basis of lies like that it will raise growth by .04% per year. This is not true. At least there’s no historical precedent of it.
It turns out tax cuts don’t pay for themselves.
“Well-crafted tax reform would improve economic growth. While pro-growth tax reform can generate some revenue to the Treasury from the added growth, as we’ve shown before, tax cuts don’t pay for themselves.”
Well-crafted. But, of course, this particular tax reform bill isn’t well-crafted. As a matter of fact it’s very badly crafted.
How badly crafted is it?
The fake GOP tax reform bill is so badly crafted that it’s not tax reform at all. See point 1.
3. As noted in 1 the fake GOP tax reform bill is actually a tax cut on the rich. This makes it like all other GOP tax bills-like George W. Bush.
But what makes this GOP tax bill even worse than W’s is that this also raises taxes only many nonrich Americans. Whereas W just cut the nonrich’s taxes too just much less than that of the rich.
4. The faux GOP tax reform bill is so bad it raises the taxes of someone making $30,000 by 2027 by $17,000 dollars. Not a typo.
5. It’s so bad that it raises taxes on a full time wage earner who makes $14 per hour by 2019.
6. It’s so bad that it raises taxes on 83 million Americans who make less than $100,000 per year.
7. So what makes the bill so bad? First of all, all the ‘loopholes’ that it ends benefit nonrich people the mortgage interest deduction, the state and local taxes deduction, the student loan deduction, caring the the elderly deductions.
8. But the biggest cause of the pain is the Senate version ends the ACA mandate
Here’s what is NOT a laughing matter however. The GOP is racing to pass this terrible, no good bill this week. And they are getting very close. They got it onto the floor yesterday.
This is a case where all the trouble Trump gets himself into in the media actually helps the GOP. All the talk about sexual harassment-while it needs to be discussed-has the perverse side effect of taking reporting about this awful bill and what it will do to the middle class off the headlines.
Same with other legitimate issues like Russia. Until now the GOP’s tax bill is getting very little coverage. And that’s just how they like it.
Before anyone realizes we will suddenly see Obamacare ended and the middle class and poor will face a huge tax increase of the like unseen since the Poor Laws.
P.S. I’m Mike Sax, I’m running for Congress in the NY 2nd District and I’m a Hillary Clinton Democrat.
Meeting her recently was one of the biggest honors in my life to stand next to such a fine public servant and trailblazer. She seemed to like our Impeachment Train campaign t shirts too!
Think of the shirt as a one time investment in restoring legitimacy to this country.
And please donate so we can compete with Peter King’s $4 million. I know no lobbyists or millionaires like Peter King. Small donations are the engine of the Mike Sax NY2 campaign. Together we can do it. Because we must.