“You cannot get the national debt under control, you cannot get that deficit under control, if you don’t do both — grow the economy, cut spending. We’re going to have to get back next year at entitlement reform, which is how you tackle the debt and the deficit,” ~Paul Ryan
Paul Ryan says this, at the same time he pushes a tax cut for corporations and billionaires.
The House and Senate are working furiously, with hopes of having a final version of the GOP tax plan signed before Christmas.
The meatiest part of the bill include—
- A tax cut to corporations, a decrease from 35% to 20%,
- Tax cuts for the wealthiest 1%
The bill means an increase in taxes for 87 million middle class families by way of:
- A cap on tax deductions for homeowners
- An end to state and local tax deductions, especially devastating for homeowners in high tax states like California, New Jersey and New York
- The bill ends an Affordable Care Act mandate requiring everyone purchase healthcare insurance. Given the choice, many young Americans may decide to save money by forgoing health insurance until they are older. Insurance will not work if the only people paying for it are those who use it most. The result will be a sharp increase in premiums.
That last item is Donald Trump’s latest attempt to undo more of President Obama’s legacy by undermining the ACA. It will result in 13 million more uninsured Americans, bringing the total number of uninsured Americans to 41 million. This tax bill will have the same affect on health insurance the “skinny repeal” bill, which was voted down, would have had.
And about that $1.47 trillion this plan adds to the deficit—
House Speaker Paul Ryan, R-Wis., has already begun his push to cut entitlements in order to pay for those tax cuts for the only people who matter to the GOP, the wealthy.
“I think the president is understanding that choice and competition works everywhere in health care, especially in Medicare, this has been my big thing for many, many years. I think it’s the biggest entitlement we’ve got to reform.” ~Paul Ryan
And there you have it from the horse’s mouth. This tax cut takes from the poor and sick and gives to corporations and billionaires. Paul Ryan-Hood intends to cut Medicare by $400 billion, remove 5 million recipients from Medicaid and Social Security cuts will follow. Remember this— Social Security is fully funded until 2034, and after that, it is about three-quarters financed. That funding came out of your paycheck, and mine. These are called entitlements for a reason.
Other nuggets hidden in the tax bill—
- An increase in taxes on those in the lowest bracket
- An abortion law reclassifying life at conception.
- A clause to drill oil in Alaska’s arctic wildlife preserve.
6000 lobbyists contributed to this GOP tax bill, and so it is designed to help them, not you or me.
What we need instead of a tax bill is a new law restricting members of Congress from taking any gift, contribution or payment, or profiting in any way from lobbyists in the future. Members of Congress seem to have forgotten who they work for.