Republican tax plans are built on lies
Don’t be fooled by Republican tax plans steamrolling through Congress.
Don’t believe promises that the plans will benefit the Middle Class or low-income Americans.
Anyone who says differently is uninformed, seeking political gain, or just … plain … lying.
The two plans – one passed in the House, one in the Senate – would be disastrous for the vast majority of Americans, offering:
* An increase of $1 trillion to $1.5 trillion in our national debt over the next decade, according to independent analysis.
* Huge, permanent tax reductions for large corporations.
* Huge tax reductions for the wealthiest individuals, smaller breaks for middle- and low-income individuals.
* Elimination of benefits and tax deductions important to middle- and low-income folks.
The net impact? About one-third of the Middle Class will immediately pay more taxes.
And it gets worse:
Individual tax cuts, unlike those for large corporations, would be temporary, running out within 10 years. Then what? The entire Middle Class wii suffer a large tax increase.
Republicans will pay for their plans by cutting support for health care, education, child welfare, repairs for roads and bridges, and many more programs that boost our quality of life and provide lifelines for those in need.
Republicans will try to slash Medicare and Social Security, which for decades have helped Americans age with dignity. Republicans would convert Medicare into a voucher program and privatize Social Security, risking retirees’ health and financial well-being and taking us back to 1932 – when half of America’s seniors lived in poverty.
The biggest lies of all in the tax scam? That the economy will grow exponentially, the national debt won’t really increase, and we’ll all benefit through a trickle-down effect from the wealthiest individuals. Most economists say that’s a myth. Even President George H.W. Bush once labeled it “voodoo economics.”
When the United States and Great Britain have cut corporate tax rates in the past, there was no economic boom. No companies going on hiring binges. No lower cost of goods. So what will happen?
Wall Street expectations will rise, and most corporations will seek higher profits to keep investors happy. That includes folks with 401Ks and IRAs. But any boost there will be short-lived and small consolation to the Middle Class as Republicans demolish so many other benefits and deductions.
And when tax-scam proponents argue that America taxes big business at the world’s highest rate, that’s simply not true. U.S. corporations already use a cocktail of tax breaks that put their tax liability at about the midpoint of peers across the globe.
Equitable tax reform – simplifying codes, eliminating loopholes, incenting businesses to keep jobs here, making sure Americans pay taxes based on ability to do so – should be a bipartisan goal with broad support.
But giving tax breaks to large corporations and the wealthiest individuals among us, at the expense of the vast majority of Americans, is not tax reform. It’s a giveaway to those who don’t need it.
And that’s common sense.
– Paul Anger