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GOP Wants a Second Tax Heist For Extremely Weathy; Adds $3,800,000,000 to Deficit
Republicans screamed at the top of their lungs for eight years under President Obama about budget deficits and our national debt. They blamed him for bank bailouts initiated before his term. They shot down vital stimulus plans to bring our economy out of a total collapse and, you know, make America great again.
As we wrote about in June 2018, the Republican tax heist is causing massive budget deficits.
Some Republicans never believed what they were saying and it was just a game to thwart Obama and Democrats regardless of the long term harm to our nation. Others are idiots and actually believed the Obama's minor (by comparison) deficit spending would ruin us forever.
Then we got Trump. Now deficits don't matter? Let's hand money back to the rich, cut programs that help 90% of the country, and explode the deficit. What?
To say we're all being played by House and Senate Republicans and the Trump administration when it comes to the deficit is polite.
The GOP’s “tax reform 2.0” would make permanent many of the individual and estate tax provisions in the tax law Republicans passed last fall.... A second round of Republican tax cuts would add an additional.... was taken up by a House committee on Thursday [9/13/18] and is expected to head to a vote on the floor later this month.
....add an additional $3.2 trillion to the federal deficit over a decade.... The second round of cuts would cost $631 billion before 2028 and an additional $3.15 trillion in the decade after that, according to the Tax Policy Center.
All of this would be for the uber rich.
....the first round of GOP tax cuts, which included corporate tax cuts that primarily helped richer Americans....the law would give a substantially bigger tax breaks to the richest families over those in the middle class. The richest 1 percent of filers would see an average tax cut of $40,000, while those in the middle 20 percent of earners would see an average cut of $980.
.... contains several policies that primarily help richer taxpayers, including a large 20 percent deduction for owners of “pass through” entities — companies in which business income is “passed through” to an individual’s tax returns.
Predictably Republicans now call for savage cuts to social programs that the majority of our nation, hundreds of millions of people, depend on to varying extents. Pay attention and actively dissent.
Democrats have criticized the package as an additional round of fiscal irresponsibility to help the rich, arguing Republicans will later cite the high deficits they caused to cut Social Security and Medicare.
“That will only jeopardize the solvency of Medicare and Social Security for future generations to come,” said Rep. Ron Kind (D-Wis.) on Thursday at the committee hearing.