It lavishes generous permanent tax breaks on corporations, while modest tax cuts for the middle class would vanish into thin air after 2025. Millionaires would enjoy average tax cuts of $5,580 in 2027, according to the Joint Committee on Taxation, at which point families earning less than $75,000 a year would pay more taxes.
Let that sink in. This tax bill would take money from working families and give it to the world’s wealthiest people.
And if that weren’t bad enough, this bill, along with a similar measure that the House passed on Thursday with lightning speed, would, because of a 2010 budget law, trigger automatic cuts to Medicare and other important programs that low-income and middle-class Americans depend on. All told, the bills would add more than a trillion dollars to the federal debt for future generations to pay off.
Republicans are pushing ahead to show their donors they can accomplish something, particularly letting them keep more of their money. Senator Lindsey Graham of South Carolina captured this spirit when he said “the financial contributions will stop” if Congress fails to pass a tax cut. The party has made clear where its values lie. Well-heeled campaign funders matter. Middle-class families don’t.
https://www.nytimes.com/2017/11/16/...t&contentID=WhatsNext&src=recg&pgtype=article
Let that sink in. This tax bill would take money from working families and give it to the world’s wealthiest people.
And if that weren’t bad enough, this bill, along with a similar measure that the House passed on Thursday with lightning speed, would, because of a 2010 budget law, trigger automatic cuts to Medicare and other important programs that low-income and middle-class Americans depend on. All told, the bills would add more than a trillion dollars to the federal debt for future generations to pay off.
Republicans are pushing ahead to show their donors they can accomplish something, particularly letting them keep more of their money. Senator Lindsey Graham of South Carolina captured this spirit when he said “the financial contributions will stop” if Congress fails to pass a tax cut. The party has made clear where its values lie. Well-heeled campaign funders matter. Middle-class families don’t.
https://www.nytimes.com/2017/11/16/...t&contentID=WhatsNext&src=recg&pgtype=article
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