How old were you 30 years ago? Were you born yet? According to one fleeting CNN.com headline, the Republican-dominated House of Representatives just passed “the biggest tax changes in 30 years.” That’s when Reagan was president, and the Tax Reform Act of 1986 was passed with a democratic majority (Reagan Democrats) in both houses. When the Teflon President left office, the national debt had tripled.
Twelve Republican Representatives up for reelection in liberal-leaning states voted no on the measure.
Last night, the Senate members debated the GOP tax reform bill—with disrespectful Republican senators yakking whilst Senator Chuck Schumer had the floor—before commencing to pass it along party lines. The House will have to re-vote on the bill today due to parliamentary errors made before the Senate vote.
The bill favors corporations and business owners with yuuuuuge tax cuts. The hyped tax benefits for individuals will expire in 2025, yet the corporate provisions are permanent if passed and signed by the orange tiny hands of President Braggart whose family will personally reap from the bill’s windfall. (The White House has a bigly signing ceremony planned to flaunt this unpatriotic legislation.) The nonpartisan Joint Committee on Taxation estimates the bill will increase the deficit by $1.46 TRILLION over just a decade, and the deficit will be higher if Congress in 2025 does not allow the individual tax cuts to expire.
The Repubs hashed out the bill behind closed doors (with lobbyists helping), and contrary to lying sack of shit Sarah Huckabee Sanders (what finishing school do these people attend that coaches on such seamless lying?), the input of Democrats was not welcomed or requested during its crafting. As the bill goes forward to be signed into law, buried details are being made clearer, the repeal of the Affordable Care Act mandate to have health insurance being the most glaring fuck you.
Although the public is increasingly opposed (55%) to this tax overhaul, the Republicans have adopted a hear-no-evil process, shoving fingers in ears. Senator Bob Corker, who not long ago was voting on the just side of history before currently committing to a yes vote, reportedly will enjoy a great increase of wealth due to provisions inserted into the bill expressly for his cooperation.
During yesterday’s House vote, protesters in the chamber chanted, “Kill the bill, don’t kill us!” and one woman yelled, “You’re lying,” at Speaker Paul Ryan, who is rumored to be stepping down after this grand theft. The gallery was cleared of activists, including a protester in a wheelchair.
Expert commentators are as equally livid about the tax reform disaster as those kicked out of the House chamber.
Nobel-winning economist Paul Krugman tweeted, “The tax bill, as written, will eventually give 83 percent of its benefits to the top 1 percent. The GOP defense of the bill is that this is so awful future Congresses will reverse it. I repeat: that’s their DEFENSE of the bill.”
Josh Marshall of Talking Points Memo outright categorizes the tax reform bill as a heist, not a scam.
“Tax reform in any real sense has as a primary goal—perhaps the primary goal—reducing the ways in which different kinds of income or income that is structured in different ways get taxed at different rates. This bill does the exact opposite.
“The provision being labeled the ‘Corkerkickback’ is a special rate for LLC’s with large amounts of depreciable property (usually commercial real estate) and very few employees,” Marshall explains. “Translated that comes out to: a special rate for people making large sums of passive income while employing few or no people. It is literally a rentier tax break. What possible public policy rationale could exist for such a provision beggars the imagination.
“The big picture is one of political pessimism and desperation leading to a public policy of generalized looting.”
Each yes-voting Repugnant is, as one protester specifically told Paul Ryan today, a “liar, liar, liar.”