There's a lot wrong with what was just passed:
- The Republicans used suspect math in order to claim that the increase to the deficit and national debt would be under the threshold that allowed them to pass the bill with 51 votes instead of 60.
- Any tax reductions will expire in seven years. (This is so the math in the previous bullet point works - they know full well that a future Congress will not want to implement what most Americans will view as a tax increase by letting cuts expire)
- While some middle-income Americans will see lower tax bills (early back-of-the-envelope calculations suggest that I am one of them) many more will see increases.
- The biggest tax reductions affect the richest Americans as well as large corporations (the rationale is the big companies will use their tax windfall to increase wages and create jobs, ignoring the fact that most megacorps are sitting on huge piles of cash and not increasing wages. Wages increase due to market pressure and competition; jobs are created when demand increases)
- The Senate bill was rushed through with little debate and no time to read the bill, let alone understand what was in it (almost 500 pages) - handwritten changes appeared minutes before the vote and changes were made that lobbyists knew before the Democratic party Senators did.
- Several non-tax related items appeared in the bill including drilling in the Arctic, classifying fetuses as "persons" in the tax code, ending the individual mandate's penalties, repealing the prohibition on non-profit groups from political activism and who the hell knows what else?
- Many Schedule A itemized deductions have been eliminated, while big ticket, 1%er deductions are retained or expanded
- Even though the standard deduction is doubled, personal exemptions are to be eliminated, hurting anyone with more than one child
It's pretty clear that this is not a middle/working class friendly bill, but mainly payback to the donor class.
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