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Tax Bill ‘stomach-punches’ Middle Class just before Christmas

– Editor’s Note:
To hasten passing of a poorly designed Tax Bill in order to provide President Trump with a first year triumph is terrible way to legislate on behalf of the American people. Corporations and the wealthy are the primary beneficiaries, with a debt burden left to our children!

– “AP FACT CHECK: Trump’s ‘middle-class miracle’ favors wealthy”
“You wouldn’t know it from President Donald Trump’s rhetoric, but the tax overhaul coming into effect is heavily tilted to the rich. It also leaves “Obamacare” in place, despite his assertion that the tax plan repeals the health care law. Nothing about the plan provides the fuel to achieve economic growth at the levels he’s predicted.

Trump’s penchant for exaggeration and sometimes pure fiction has clouded the realities of the overhaul as it has shaped up over months. As for Democrats, you wouldn’t know to hear them talk that middle-class people are getting a tax cut out of the deal, too.”

TRUMP: “It’s the largest tax cut in the history of our country.” — remarks Wednesday.

THE FACTS: It isn’t.”
Read more of the AP Fact Check!

– “This week [Rep. Denny Heck] voted NO on the irresponsible, deficit-exploding tax scam.”
“These gaps in our tax code may be good for the wealthy and the large corporations who have dedicated experts to do their taxes, but for most families, these loopholes and deductions do not provide tax relief they need and deserve.”

“Unfortunately, the bill that came up for a vote this week in the House is not tax reform; it is a government payout to the wealthy. Tax reform is difficult because it is budget-neutral, and for every give (usually lower rates), there is a take (usually closing loopholes). That process means some changes are welcomed by those who benefit while strongly opposed by others who may be negatively affected. The authors of this bill set out to do tax reform, but the hard choices were too tough. Instead of closing loopholes, this bill finances its tax cuts by borrowing $1.7 trillion.

Experts are still working to understand and model the economic impact of this law, so I’m sure that there will be more revelations in the weeks to come, but there are already more than enough reasons to reject this approach. This bill also:

* forces $25 billion in annual cuts to Medicare because it violates the “pay-as-you-go” budget neutrality law that governs major legislation;

* eliminates tax benefits for the working and middle-class taxpayers after a few short years, even though tax breaks for the largest corporations are made permanent;

* repeals important provisions of the Affordable Care Act, which could result in 13 million fewer Americans having health care coverage and put Americans with pre-existing conditions at risk of losing their health care due to skyrocketing health insurance premiums (like what happened in our state in 1993); and

* opens up the Arctic National Wildlife Refuge to drilling.
Click here to read more from Rep. Heck’s letter.

– “GOP Tax Bill Would Set Up Years of Challenges”
“Congress will need to make substantive and technical corrections as problems arise, said Martin Sullivan, chief economist at Tax Analysts, a nonprofit publisher of tax notes.

‘It’s just the beginning. It’s a whole new chapter,’ he said. ‘It’s built on unstable financial foundations and on unstable political foundations. And it was built in great haste,” by Richard Rubin, Wall Street Journal.
Read more

– “President cites a Tenino family as a potential winner under GOP tax plan”
“A Thurston County family was among those invited to the White House on Wednesday for a tax speech by President Trump.

The Howard family from Tenino — or as Trump called it, “Ten-ee-no” — owns an espresso machine service company. The President said the GOP tax plan would wipe out their $2,500 tax bill and may even get them a refund,” by Abby Spegman, The Olympian.
Read more

– “This Tax Bill May Do Some Good”
“But a dignified celebration would have been better than the embarrassing White House rally.”
By Peggy Noonan.
Read more

Posted by Steve on December 22, 2017 at 12:01 am | Permalink

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