The Republican-led U.S. Senate is working overtime to push through a tax reform bill that experts agree would be disastrous for the economy. At a time when President Trump is desperately hungry for a win, the GOP seems more than willing to back the terrible piece of legislation even if it means blatantly lying about those negative reports.
The Congressional Budget Office, independent economist groups, and even the AARP have denounced the bill. While Republicans scramble to cover those analyses with more promises of job growth, Democrats have been left out of negotiations and are fighting the bill’s more deplorable provisions, such as the massive cuts to healthcare by virtually repealing the individual mandate tax that has helped 13 million Americans have insurance coverage.
The bipartisan Joint Committee on Taxation finally released their report on Thursday before the vote to open debate that contradicted the promises of GOP lawmakers that their “yes” vote was based on sound economic analysis.
The New York Times reports:
‘The Joint Committee on Taxation said that economic growth from the tax cut will only offset $407 billion of the $1.5 trillion cost over the next decade. The analysis complicates the Republican argument that the tax bill will essentially pay for itself.’
The committee adds yet another negative score from yet another bipartisan group after analyzing the bill. The Congressional Budget Office (CBO) destroyed every promise Trump ever made about his business experience making him an expert on the economy.
‘The GOP bill including some changes would increase federal budget deficits by $1.7 trillion over 10 years, according to an estimate by the nonpartisan Congressional Budget Office. That includes money for additional debt service payments due to the bill.
‘Under the plan, U.S. debt would rise to 97.1 percent of gross domestic product in 2027, up from 91.2 percent under current CBO projections.’
A fact-check also shows that Trump’s earlier assertions that the new tax bill was “not good” for him as a billionaire – his billionaire friends are so mad at him! – were far from truthful.
‘This is going to cost me a fortune, this thing — believe me. Believe me, this is not good for me…’
In truth, Trump and others in his income bracket, the top one percent of wealth owners in the country, benefit generously from Trump’s new tax reform plan. The bipartisan Tax Policy Center reported, according to NBC News, that:
‘The top 1 percent would see their after-tax income rise by 8.5 percent in 2018 and 8.7 percent in 2027, the analysis shows. Benefits for the bottom four-fifths of earners would range from five-tenths of a percent to 1.2 percent in 2018 and from two-tenths of a percent to four-tenths of a percent in 2027…the top one-tenth of wealthiest earners would fare even better — enjoying an average tax cut of $722,510 in 2018 and $1,022,120 in 2027.’
As the divided parties hash out whether or not to send the bill to a committee so that at least some of the disastrous flaws can be addressed, Americans are poised for an exploding budget deficit and the possibility of losing their healthcare.
Donald Trump can write off his private jets, though.
For more on the tax plan currently being debated in Congress, see below:
Featured image via Getty/Pool