This bill is needed to avoid a government shutdown. So Republicans have loaded it up with all of their wet dreams.
There will supposedly be a temporary tax cut of 10% for the middle class, much less than taxes are cut for the wealthiest. The 40% corporate tax reduction, which is permanent, will not go into higher wages or more jobs but instead will be distributed as dividends and stock buy-backs; there will not be an increase in demand for additional goods and services which is what drives job creation and wage increases.
The wealthiest 10% own 90% of stocks; so it is the 10% that are already wealthy who will receive 90% of the benefits of cutting corporate taxes. And since the poor usually do not own stocks they will receive no benefits from a slashed corporate tax rate (unless you believe that trickle-down will magically actually start working). The remainder of the 90% will share in only 10% of benefits. Plus, most business tax deductions remain in place and there will be new deductions available; that is not true for the middle class. Add to that the cut in estate taxes benefiting only the wealthy.
Despite this bill raising the National Debt by $1-2 trillion, radical conservatives still insist that they are fiscal conservatives and will need to slash social spending (including on Social Security which does not affect the federal budget at all).
The 10 year rule for bills passed by reconciliation (simple majority) only means that deficits in the 11th year on will not be worsened. But federal budget deficits are yearly figures only. There is no corresponding rule for increases in the National Debt.
What else does this bill do? It declares officially that life begins at conception, allows oil drilling in Alaska, and cuts Medicare and Medicaid. Don't forget that social programs will in the future still be targeted and cut because of "their cost." This bill also eliminates the health insurance mandate and leaves 13 million more people without health insurance while making it much more expensive for others. Also being underfunded and mismanaged are the EPA, OSHA, FDA, SEC, Education, Labor, and the CFPB, and who knows how many other agencies?
A very progressive tax bill, wouldn't you say?
There will supposedly be a temporary tax cut of 10% for the middle class, much less than taxes are cut for the wealthiest. The 40% corporate tax reduction, which is permanent, will not go into higher wages or more jobs but instead will be distributed as dividends and stock buy-backs; there will not be an increase in demand for additional goods and services which is what drives job creation and wage increases.
The wealthiest 10% own 90% of stocks; so it is the 10% that are already wealthy who will receive 90% of the benefits of cutting corporate taxes. And since the poor usually do not own stocks they will receive no benefits from a slashed corporate tax rate (unless you believe that trickle-down will magically actually start working). The remainder of the 90% will share in only 10% of benefits. Plus, most business tax deductions remain in place and there will be new deductions available; that is not true for the middle class. Add to that the cut in estate taxes benefiting only the wealthy.
Despite this bill raising the National Debt by $1-2 trillion, radical conservatives still insist that they are fiscal conservatives and will need to slash social spending (including on Social Security which does not affect the federal budget at all).
The 10 year rule for bills passed by reconciliation (simple majority) only means that deficits in the 11th year on will not be worsened. But federal budget deficits are yearly figures only. There is no corresponding rule for increases in the National Debt.
What else does this bill do? It declares officially that life begins at conception, allows oil drilling in Alaska, and cuts Medicare and Medicaid. Don't forget that social programs will in the future still be targeted and cut because of "their cost." This bill also eliminates the health insurance mandate and leaves 13 million more people without health insurance while making it much more expensive for others. Also being underfunded and mismanaged are the EPA, OSHA, FDA, SEC, Education, Labor, and the CFPB, and who knows how many other agencies?
A very progressive tax bill, wouldn't you say?
