Republicans are poised to pass the largest transfer of wealth in our nation’s history—financed by mortgaging our children’s future with a mountain of increased debt. It was written over the last few days to satisfy donors and win the final few votes necessary for Senate passage. It is not tax reform. It is not even a policy, but rather a collection of special interest provisions. It is being sold on a false set of promises.
It is decidedly not middle-class tax relief. It provides permanent and massive tax reductions for the largest corporations. The American public understands that the benefits in this bill flow to wealthy individuals like Donald Trump. Every independent expert agrees.
Meanwhile, the vast majority of Americans will only receive a small and temporary tax reduction—when the bill is fully phased in, the bottom 80 percent of taxpayers actually face a tax increase.
These massive tax cuts for the privileged few comes at a very high cost for the rest of America:
It will massively increase the national debt and interest costs by an estimated $2.3 trillion—and likely even higher as accountants and lawyers discover ways to full exploit the many new loopholes created by lobbyists.
Insurance premiums will rise by 10 percent per year for everyone, the insurance market will destabilize, and the ranks of the uninsured will increase by 13 million people over the next 10 years.
The increased national debt will increase interest rates, making it harder for everyone who wants to borrow money to start a business, buy a home, or finance a college education.
The bill fails to invest in our crumbling bridges and roads or to meet the needs of our aging and growing population.
In fact, by slashing federal revenues, the legislation triggers a $25 billion cut to Medicare in the first year alone. Republican leadership also plan to cut back on other critical programs relied on by Americans.
The legislation fails utterly to invest in the American people. It is, however, a bonanza for all of the attorneys, accountants, and lobbyists, who will find ways to further enrich the most privileged. And for weeks to come, we will only learn more about the “special gifts” hidden within the bill to nail down the last few votes.
No wonder the American public is opposed. They are right, and the Republicans are wrong.
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