Ok. I’ve been tasked with trying to disseminate information about the Senate Tax Reform bill which passed in the wee hours of the morning on Saturday. I’ve researched different sources. I’ve waded through the minutia of conflicting facts and figures. And here is my assessment. I’m just not smart enough to know what the heck what the GOP has actually done.
Don’t get me wrong, I consider myself a pretty educated woman. I’m a nurse so I frequently deal with fact. So here is my hypothesis: if the GOP wouldn’t even provide the 500+ page bill to their colleagues in the Senate until 15 minutes before the vote, then of course the constituency isn’t supposed to understand the content!
The Washington Post reported on November 22 that the University of Chicago’s Initiative on Global Markets recently conducted a survey of academic economists. They asked these economic experts if the Republican tax plan would exacerbate America’s debt-to-GDP ratio. Of the 38 experts who responded, 37 said Republicans were wrong about the plan paying for itself. The 38th said HE MISUNDERSTOOD THE QUESTION! So, again, if the experts don’t understand it…..
But one thing is clear. The bill is filled with perks for America’s wealthiest individuals and largest corporations, many of them paid by closing loopholes that benefit the middle-class people, According to nonpartisan Tax Policy Center, by 2027 the top one-fifth of earners would receive 90% of the tax benefits. This will be done by: (source U.S. Senate: Budget senate,gov).
- Slashing corporate tax rate from 35% to 20%
- Creating a big new tax deduction for private school and homeschooling
- Encouraging corporations to automate without any help for displaced workers
- Setting the stage for cuts to Social Security, Medicare and Medicaid
- Rejecting a proposal to expand a tax credit for families with children in order to reduce the corporate tax rate even more
- All but eliminating the estate tax for the country’s wealthiest households
The Senate tax overhaul bill also served double duty. For the fourth time, our Legislative branch of government has attacked components of the ACA, particularly the Healthcare Individual Mandate. According to the Congressional Budget Office, by 2019, 4 million people will lose insurance and by 2027, 13 million more won’t be covered. Many healthy people would voluntarily opt out and go without coverage, and insurers would inevitably raise premiums to cover the remaining sicker population.
The tax bill the Senate GOP passed would give large tax cuts to the rich while raising taxes on American families earning $10,000-$75,000 over the next decade. For perspective, the median income for Sumner County is $56,193. Diane Black, the Congressman for the 6th district and a resident of Sumner County, is worth $29 million.
Can you guess who’s going to make out better with this Senate Tax “Reform” bill? Here’s a hint: it’s certainly not going to be the 99%.
Diane Black’s $25 million Gallatin home (Photo Jen Yamin Facebook)