A Colossal Theft is Coming.
Congress has unveiled its tax bill. The bill follows a measure passed in both the Senate and House in October that spelled out a Grinch-worthy Christmas wishlist of cuts including:
- $1.3 TRILLION in cuts to Medicaid and Obamacare
- $473 billion in cuts to Medicare
- $1 trillion in mystery cuts. Yes, you read that right. $1 trillion in cuts to life-and-death programs simply marked TBD.
All these proposed cuts are designed to fund tax breaks for mega-donors and the super rich. By ballooning the deficit, they provide a pretext for transformative rollbacks to basic social contract programs including Medicaid and Medicare, Social Security, education, and services for working families and seniors.
A tax cut designed to boost the economy would bolster consumer spending power through working family pocketbooks -- not by abetting more luxury spending by the fantastically rich. A tax cut designed to build a strong American future would prioritize investment in new skills, infrastructure, research, technology, and productive capital formation -- not by rewarding the current winners of a rigged economic power structure.
What's in the tax bill?
- $1.5 trillion in tax cuts, with 80% destined for the top 1%
- the corporate tax rate permanently felled from 35% to 20%
- the end to medical expenses deductions, which will hit families with sick children and retirees hard
- the end to the head of household deduction, which will penalize single parents and their children
- a $64B decrease in deductible education expenses over the next decade
- a doubling of the income level subject to the highest tax bracket
- a complete elimination of the tax on mega wealthy estates
This will be a fight.
Today, a Trump-aligned SuperPAC announced a $100 million advertising buy to support the tax cuts. GOP megadonors including the Koch Brothers are twisting the arms of rank-and-file Members of Congress. And tax cut backers have plenty of boondoggle talking points available -- a doubling of the standard deduction! an increase in the child credit! What they won't mention are provisions to slash or end completely several important deductions that working families and retirees currently rely on.
We can win this, but we need an up-welling like we saw this Spring across women's marches, marches for science, resistance against the Affordable Care Act repeal, the firing of James Comey, and the worst proposed Trump appointments.
The House will vote late this week. The resistance needs you now.