The Senate is about the vote on its version of the tax bill which passed the House two weeks ago. When both houses have finished voting, we will have a new tax structure. But the problem with what has been proposed by both houses of Congress is a scam! The bill cuts taxes for the wealthy while it decreases funding for Medicare, Medicaid, public education, Pell Grants, SNAP, higher education, health care and more.
They say the huge tax cuts given to the wealthy will “trickle down” to the rest of America; that theory doesn’t work, it never has worked. Since the first time it was tried under Ronald Reagan, the gap between the wealthy and regular Americans has grown. More people didn’t get better-paying jobs and most of the money has gone to wealthy shareholders.
What we will have with this tax bill is a total oligarchy run by the wealthiest in America. Republicans are giving the likes of Sheldon Adelson and Charles Koch a huge tax cut as a “thank you” for spending millions to help them get elected.
Many will read that first paragraph and say this is just liberals talking because they don’t like this bill. I don’t have to say much though because it is all on the Republicans’ Ways and Means Committee and Senate Finance Committee websites. These are the online publications written by the Congress who wrote this bill.
So first you want to look at the budget. The bill makes huge cuts to essential services so the top 1 percent could get a tax cut.
Then you want to look at the House version of the bill. The Senate version has to jive with this or it goes back to the House. A downloaded file is available from the Joint Committee on Taxation, the nonpartisan group that is part of Congress that studies tax laws. It shows where money is lost because of decreased taxes and where they will get more money because of tax increases.
In this document, you will see that the elimination of the personal exemption will bring in $1.22 trillion more taxes in the next 10 years. The loss of the personal exemption will cause families with more than three children to get tax increases and all families taxes will increase when the credit expires in 2025.
This also shows that when the Alternative Minimum Tax is eliminated, the wealthy will get cuts of $790 billion. The AMT and the corporate tax cut of 15 percent, which cuts their taxes by $1.329 trillion, are permanent. They will also get a huge cut in the estate tax, which will drop tax collections by $83 billion.
So the top 1 percent gets the biggest chunk and they’ll put back in their pockets. Low- and middle-income Americans will get small cuts or in some cases increases. Call your senators and say “no” to this scam!