All that Donald Trump has managed to do during his time in office is try to get revenge on President Barack Obama, but there is one exception. Anything the man in the Oval Office cannot erase of his predecessor’s legacy, Trump tries to steal and take credit for it.
The obscene give away to the billionaires and international businesses, also known as the Trump tax cut, will hit the middle and lower income classes even harder than was first imagined, according to the Congressional Budget Office (CBO).
The commander-in-chief says that under his 10 months in office, the economy thrived and the stock market rose to all-time heights. What he does not say is that President Obama saved the economy from certain spiraling-down failure, then he built it up on a consistent upward trajectory.
In addition, the stock market rose under 44’s 93 months in office versus 45’s 10 months. In other words, Trump is trying to steal Obama’s thunder.
What Trump does not apparently understand is that when the country is doing well and corporations have an abundance of money, that is exactly the wrong time to cut taxes.
Republicans have tried the trickle-down approach under President’s Reagan and George W. Bush. Each time, it tanked the economy and caused unemployment to soar. If the GOP really wanted to help Americans, it would simply give the money to the middle and lower-income classes, instead of designing their convoluted plan.
The Republicans built their disgusting plan in the dark of the night without any input from Democrats. They also slipped in a $1.4 trillion deficit, at a minimum, over the next 10 years. Then, when the plan is in full force, the GOP will cry out for even further cuts in Medicare, Medicaid, and Social Security.
The poor will get less health insurance, and many will lose their health insurance altogether. The Washington Post reported that, according to the CBO:
‘Four million Americans to lose health insurance by 2019 and 13 million to lose insurance by 2027.’
— lori bobori (@loriloribobori) November 28, 2017
The GOP tax increases are simply ridiculous. Students who work in college cafeterias will have to pay taxes on their discounted tuition. Plus, there will not be any deductions for student loans, home mortgage insurance, and charitable contributions.
According to The Washington Post,
‘Americans earning less than $30,000 a year would be worse off under the Senate bill, CBO found. By 2021, Americans earning $40,000 or less would be net losers, and by 2027, most people earning less than $75,000 a year would be worse off. On the flip side, millionaires and those earning $100,000 to $500,000 would be big beneficiaries, according to the CBO’s calculations.’
Thanks Obama! ????❤️ pic.twitter.com/tCOUEQM1TK
— ??Lisa?? (@lisalock17) November 28, 2017
The CBO table below shows people in the negative income brackets would pay less in taxes.
The CBO shows how destructive the Trump tax give-away would be to Medicaid, Medicare, and the Basic Health Program.
The Joint Committee on Taxation (JCT), which analyzes tax bills, confirmed the CBO’s warning. JCT is a nonpartisan organization that just put out its own report. It said that lower-income families will, indeed, suffer from the loss of healthcare tax credits.
Republican Senate Finance Committee Chairman Orrin Hatch of Utah claimed that this plan helps all Americans. Republicans even trashed the CBO analysis, saying that purchasing health insurance was a choice. What Hatch did not say was that when younger, healthier people quit buying insurance, the premiums go up for everyone else.
The huge tax for the already money-stuffed corporations would be permanent, but any tax advantage the middle and lower income families ends after a decade.
Featured Image via Getty Images.