via twitter.
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President Donald Trump says he will sign “maybe the biggest tax cut we’ve ever had,” and top Republicans keep pledging he will do it by Christmas.
Trump has promised his tax reform will help the middle class, make the United States more competitive internationally, and lead to almost unprecedented economic growth in the years to come. And he’s promised to eliminate the federal debt in eight years while he’s at it.
Getting through that list of promises is politically impossible, but even coming anywhere close to it in the next two months will be extremely difficult. Though congressional Republicans are saying tax reform will be “easier” than health care, the party is already embroiled in an intraparty struggle over how deeply to cut rates — and how to pay for them. And despite months of negotiations between top House and Senate Congress members and members of Trump’s administration — a working group dubbed the “Big Six” — Republicans haven’t actually agreed on many important points. And what they have agreed on has already raised some eyebrows within the Republicans conference.
via VOX.
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GOP Tax Cuts Could Cost Seniors in the Long Run.
- 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.
The GOP was counting on the GOP tax law passed in December to be a cornerstone of their midterm election strategy.
But the bill is wildly unpopular, and most Americans believe it benefits the wealthy and corporations.
Many analysts believe President Donald Trump’s unexpected promise that another tax cut is on the way is an admission that the first tax bill “has failed politically.”
via Business Insider.
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How did the first GOP tax scam affect seniors?
Tax legislation approved by Congress and signed into law by President Trump on December 22, 2017 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.
Republican senators this week urged President Donald Trump to go around Congress and cut taxes on investors, a move they say is necessary to bolster the economy ― but one that would also disproportionately benefit the wealthy.
In a letter sent to Treasury Secretary Steve Mnuchin on Monday, 22 GOP senators led by Ted Cruz of Texas urged the Trump administration to unilaterally change the tax treatment of capital gains, an idea that conservative anti-tax groups have long pushed for.
via Huffington Post.
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ANOTHER tax cut for the wealthy?! The last one added over $1.5 trillion in debt. Who agrees that Congress should BOOST Social Security instead?
Sign our petition asking Congress to boost benefits by clicking here.
In October 2017, Treasury Secretary Steven Mnuchin forecast that “the stock market will go up higher” if Republicans passed a tax cut bill.
Both the S&P 500 and Dow Jones Industrial Average are now down from where they were on December 22, 2017, when President Donald Trump signed the Tax Cuts and Jobs Act. The S&P 500 closed the day Monday at its lowest level since October 2017.
In September 2017, Mnuchin said that not only would the GOP’s tax plan “pay for itself, but it will pay for the debt.” He also claimed it would “cut down the deficits by a trillion dollars.”
In October 2018, Treasury said the United States’ federal budget deficit had increased to $779 billion in fiscal 2018, up 17 percent from the year before.
via Vox.
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We know what the GOP tax scam did: Add $1.5 trillion in debt which will put programs like Social Security, Medicare, and Medicaid at risk for cuts.
Read more about the tax cuts for the wealthy here.
Under the tax bill supported by President Trump and congressional Republicans, the nonpartisan Tax Policy Center estimates the top one percent of Americans would receive 80 percent of the tax cuts. For the top one percent, the average annual tax cut would be over $200,000 by 2027.
via Entitled to Know.
In the lead-up to the enactment of the Tax Cut and Jobs Act, Donald Trump’s massive tax cut that mostly benefited rich people and big corporations, a coalition of powerful business interests formed with one major priority in mind: slashing the corporate tax rate. The Reforming America’s Taxes Equitably (RATE) Coalition comprised dozens of companies and trade groups that all insisted lowering corporate taxes would mean more jobs.
A ThinkProgress review found that about half of RATE Coalition’s members have made layoffs since the law’s enactment. In other words, not only did the expensive tax cut not bring more jobs, it couldn’t even forestall significant job losses.
via Think Progress.
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The GOP gave tax cuts to the wealthy and big corporations while adding $1.5 trillion in debt.
They now want to go after “entitlement” programs.
Read more about the tax cuts and how they affect seniors.
The report, called “Families & Seniors Foot the Bill for GOP Tax Cuts,” includes state-by-state and district-by-district level data, and concludes that the average beneficiary from social safety net programs would stand to lose $1,500 a year under proposed cuts. And it comes as President Donald Trump is teasing another potential tax cut ahead of the midterm elections.
The House Budget Committee vote in June proposing $2 trillion in entitlement cuts got little attention, but the new report comes as Democrats are trying to short-circuit a surge in GOP enthusiasm around the midterms that could hinder their attempt to win back control of the House and, especially, the Senate.
via NBC News.
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Sen. McConnell Reminds Retirees What They Have to Lose in November.
Robert Reich:
Hello Trump Tax Cuts.
Goodbye Medicare, Medicaid, Social Security.
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National Committee President Warns Senators About GOP Tax & Budget Scheme.
- What’s more, the tax plan will increase the national debt and compel Republicans to cut seniors’ earned benefits more aggressively in the future – even though Social Security and Medicare Part A are self-financed and do not contribute to federal budget deficits.
But listen carefully and you can hear the whistle blowing on another train barreling down the tracks.
Call it the Slash Medicare Express. The whistle is still a bit faint, but it is sending a clear warning signal.
A 2018 budget blueprint approved by Congress late last month would reduce Medicare spending by $473 billion over 10 years compared with the current baseline projection, and proposes $1.3 trillion in cuts to Medicaid, various Affordable Care Act (ACA) tax credits and cost sharing subsidies and other health spending. Republicans need the spending reductions to make room for $1.5 trillion in tax cuts, mostly for corporations and wealthy households.
The budget plan does not include the specifics on how these cuts will be achieved. But previous Republican plans for Medicaid - the joint federal and state health insurance program for lower-income people and children - would have been disastrous for millions of older Americans.
via Reuters.
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National Committee President Warns Senators About GOP Tax & Budget Scheme.
- What’s more, the tax plan will increase the national debt and compel Republicans to cut seniors’ earned benefits more aggressively in the future – even though Social Security and Medicare Part A are self-financed and do not contribute to federal budget deficits.
- The bottom 80 percent of Americans would receive 13 percent of the tax cuts.
New tax plan will hinder care for older Americans.
- The Republican tax plan eliminates the deduction for medical expenses that nearly 9 million people have used to offset high out-of-pocket costs for care.
Rep. Alexandria Ocasio-Cortez made a plea for expanding Social Security benefits on Tuesday… in support of Rep. John Larson’s Social Security 2100: A Sacred Trust bill. Read more here: https://www.ncpssm.org/entitledtoknow/rep-larson-introduces-social-security-2100-a-sacred-trust-bill/. #Secure2100 #SocialSecurity