Tax cuts are complicated. That’s why the party in power hopes you just believe the rhetoric and pay no attention to the details. Ah, but the devil is in the details and the Senate tax plan could have hellish consequences if you’re not (bigly) rich. Fox example, to pay for these huge tax cuts for corporations and the wealthy, something’s got to give. That something happens to be millions of lower income Americans who will no longer have healthcare, or frankly much of a tax cut. Here’s a great analysis from the Center on Budget and Policy Priorities.
The congressional tax bills’ tradeoffs were already stark: deficit-financed tax cuts sharply skewed to the highest-income households would ultimately have to be paid for with budget cuts or tax increases likely to harm low- and middle-income households. But these tradeoffs are now even clearer: 13 million Americans would become uninsured to finance tax cuts of nearly $100,000 for those at the very top of the income scale.
But wait, it gets better, at least for corporations. Republicans have decided to make the corporate tax cuts permanent. That’s gutsy. At least they’ve finally shown their cards. Business Insider looks at what is a giant cooperate giveaway.
The tax cuts for just us common folks have an expiration date. The American public isn’t buying it. According to a new poll from Quinnipiac:
American voters disapprove 52 – 25 percent of the Republican tax plan. Republican voters approve 60 – 15 percent, with 26 percent undecided. All other party, gender, education, age and racial groups disapprove. “The sentiment from voters: The GOP tax plan is a great idea, if you are rich. Otherwise, you’re out of luck.”
But this is much more than luck. Sly and skillful politicians are about to leave the middle class holding the bag, and it’s not filled with money.