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New GOP tax cuts would add $3.8 trillion to deficit, says report

Chris Mills Rodrigo & Naomi Jagoda

A second round of GOP tax cuts would add $3.8 trillion to the federal deficit over the next two decades, according to a report released this week by the Urban-Brookings Tax Policy Center.

A bill that the House Ways and Means Committee approved Thursday, “Protecting Family and Small Business Tax Cuts Act of 2018,” would reduce federal revenue by $631 billion from FY 2019-28 and an additional $3.15 trillion between FY 2029-38, the group estimated.

The bill, released by Rep. Kevin Brady (R-Texas), chairman of the House Ways and Means Committee, would extend individual income and estate tax provisions in the 2017 Republican tax bill, the Tax Cut and Jobs Act.

via The Hill.

Related Reading:

GOP Tax Cuts 2.0 will add $3.6 trillion to deficit while Tax Cuts 1.0 will add $1.5 trillion to the deficit.

Read more about the tax cuts by clicking here.

Source: bit.ly
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How GOP Tax Plan Would Ruin Retirees, Underinsured

John Wasik

Unless you’re a multinational corporation or someone with a yacht, there’s a lot not to like in the GOP’s tax “reform” plan, which the party wants to ram through Congress by the end of the year – even more to despise if you’re retired, going to retire or underinsured.

To pay for this runaway train of tax goodies for global corporations and the ultra-wealthy, the GOP is raising taxes on the Middle Class and refuses to address the long-term funding shortfalls in Social Security and Medicare. Neither the House nor Senate plan addresses this issue.

via Forbes.

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Under the tax bill –

  • The top 1% would receive 80% of the tax cuts.

The 2018 House Budget resolution calls for nearly $500 billion in cuts to Medicaid over the next decade.

  • That would be devastating for the 1.4 million seniors who rely on Medicaid for long-term care, and millions of others who are dually eligible for Medicaid and Medicare.
  • Republicans claim that the tax cuts will pay for themselves through intense economic growth. 
    • They have tried this before and it didn’t work out.
Source: bit.ly poitics tax reform taxes paul ryan GOP tax cuts p2 older americans elderly medicare medicaid seniors retirement retirees retirement crisis entitlements entitlement reform congress republicans donald trump trump healthcare health care
“Republicans are promising a comprehensive second round of tax cuts – but tax changes affecting retirement savings may be the only measures with enough political support to make it through Congress this year. House Ways and Means Chairman Kevin Brady...

Republicans are promising a comprehensive second round of tax cuts – but tax changes affecting retirement savings may be the only measures with enough political support to make it through Congress this year.

House Ways and Means Chairman Kevin Brady said Wednesday that he plans on releasing an outline of “Tax Reform 2.0” legislation next week to his committee members, which would include making the rate cuts for individuals permanent. Extending those cuts faces slim chances in the Senate, where it would need the support of at least nine Democrats to pass. The 2017 tax law passed without any Democratic votes.

Tweaks to retirement plans, however, are likely to garner bipartisan support, especially those related to small businesses. Brady told reporters he’s including a retirement-related bill in his draft that has the backing of Senators Orrin Hatch and Ron Wyden, the top Republican and Democrat on the Senate Finance Committee.

via Bloomberg.

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Source: bit.ly politics seniors retirement retirees retirement crisis congress tax reform tax cuts p2 elderly older americans entitlements entitlement reform
The GOP had scarcely emerged from the defeat of their latest Obamacare repeal legislation when they pivoted lightning-quick from healthcare to taxes. The tax reform plan the party unveiled last week may ultimately endanger the well-being of older...

The GOP had scarcely emerged from the defeat of their latest Obamacare repeal legislation when they pivoted lightning-quick from healthcare to taxes. The tax reform plan the party unveiled last week may ultimately endanger the well-being of older Americans more than the vanquished healthcare bill.  

Here’s why: The nonprofit Tax Policy Center estimates that the GOP tax plan will reduce federal revenues by a net $2.4 trillion in the next 10 years.  As the deficit grows, Congress will look to cut spending. Republicans have already called for deep cuts to Social Security and Medicare, and would no doubt come after those programs looking for massive savings. Seniors’ earned benefits could be used as piggy banks to pay for reckless tax cuts that largely benefit the wealthy.

More from this blog post can be found here.

Source: bit.ly politics tax cuts tax reform p2 older americans elderly retirement retirees retirement crisis entitlements entitlement reform GOP republicans congress medicare social security medicaid seniors
“More to the point, the rate is way lower than you’d expect given the massive fiscal stimulus policymakers have been pumping into the economy. We were told that the GOP’s corporate tax cuts alone would permanently turbocharge growth to at least 3...

More to the point, the rate is way lower than you’d expect given the massive fiscal stimulus policymakers have been pumping into the economy. We were told that the GOP’s corporate tax cuts alone would permanently turbocharge growth to at least 3 percent.

Instead, Trump spent $2 trillion in deficit-financed tax cuts for the rich to get us basically the same growth rate we had before he took office.

The mechanism by which Trump’s signature legislative achievement was supposed to turbocharge growth, according to the tax cut’s advocates, was by stimulating business investment. Instead, business investment fell last quarter, in the second consecutive quarter of contraction.

via Washington Post.

Related Reading:

Here is how the first tax cuts for the wealthy
affected seniors.

The tax law would leave Medicare, Medicaid and Social Security vulnerable to benefit cuts because of its dramatic $2.3 trillion increase at a minimum in the public debt – an increase that will have to be offset in the future.  

Inevitably, current and future generations of older Americans and people with disabilities will be forced to pay a heavy price for this irresponsible law.

Source: bit.ly politics tax cuts tax reform seniors elderly older americans retirement retirees retirement crisis entitlements entitlement reform GOP republicans earned benefits p2 social security medicare health care healthcare
In truth, tax expenditures (especially the Trump/GOP tax cuts) are the No. 1 drivers of the debt. Social Security and Medicare Part A are self-funded by workers’ payroll contributions and do not contribute a penny of federal red ink.
via Cutting Social Security, other benefits bad idea.
Source: bit.ly politics GOP tax cuts taxes tax reform GOP tax scam GOP republicans social security rob portman seniors elderly older americans retirement retirees retirement crisis earned benefits social insurance entitlements entitlement reform medicare healthcare health care
In Illinois 12th District (carried by Donald Trump in 2016 by a 15% margin), Navy veteran and former prosecutor Brendan Kelly seeks to unseat Republican Mike Bost. Bost has voted with President Trump 98% of the time, including a ‘yes’ on the Trump/GOP tax cuts. Challenger Kelly charges that Congressman Bost ‘handed big banks and Big Pharma a corrupt tax giveaway — threatening Medicare and Social Security.’
via Entitled to Know.
Source: bit.ly politics seniors republicans GOP election mid-term elections p2 elderly older americans retirement retirees retirement crisis tax cuts tax reform GOP tax scam entitlements entitlement reform social insurance earned benefits healthcare health care
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Nearly two-thirds say they've seen no increase in take-home pay from GOP tax cuts: Gallup

Michael Burke

Almost two-thirds of Americans polled say they haven’t seen an increase in their take-home pay as a result of last year’s Republican tax-reform bill, according to a new survey.

A Gallup poll published Wednesday found that 64 percent of respondents said they haven’t seen a raise in their take-home pay as a result of reduced federal income taxes. That finding is identical to results in Gallup’s February/March poll taken shortly after the tax changes went into effect.

The poll also found that a slim majority of Americans polled — 51 percent — say the law hasn’t helped their family’s financial situation. Meanwhile, 26 percent of respondents said the law has helped a “little” and 12 percent said it has helped “a lot.”

via The Hill.

Related Reading:

How the Tax Law Affects Seniors.

Tax legislation approved by Congress and signed into law by President Trump will inevitably lead to the unraveling of working and middle-class programs to pay for massive tax cuts for the very wealthy and profitable corporations.

Source: bit.ly politics taxes tax reform seniors elderly older americans retirement retirees retirement crisis entitlements entitlement reform p2 congress GOP republicans donald trump social insurance social security medicare healthcare health care
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