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.
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.