D.C.) -- The Republican
tax plan, which appears to be on a
fast track to
pass next week, is being touted as a great step forward for working
tweeted on Friday, "
For far too long,
Washington has ignored and left behind the American working class.
the refundability of the Child Tax Credit from 55% to 70% is a solid
toward broader reforms which are both Pro-Growth and Pro-Worker."
there are as many detractors as supporters of the legislation; perhaps
detractors than supporters. One of those, Fareed Zakaria, a Washington Post
Columnist and host of CNN's Global Public Square
program says this legislation
starve America of much-needed
investment and hobble future generations’ ability to compete," Zakaria
writes in his latest Washington Post column.
this just might be the “worst piece of major legislation in a generation.”
long-term effects of the plan will be a massive drop in public
which will come on the heels of decades of declining spending (as a
of gross domestic product) on infrastructure, scientific
core government agencies. The United States can’t coast on past
forever, and with this legislation, we are ushering in a bleak future,”
Depression, World War II and much of the Cold War, a sense of crisis
competition focused America’s attention and created a bipartisan
urgency to get
things done. Ironically, at a time when competition is far more fierce,
other countries have surpassed the United States in many of these
America has fallen into extreme partisanship and embraced a
libertarianism that is starving the country of the essential
needs for growth.
who vote for
this tax bill — possibly the worst piece of major legislation in a
will live in infamy, as the country slowly breaks down.”
The editorial board
at the Washington Post calls the legislation a bill that is,
toward the wealthy...the GOP plan to lower the top income tax rate to
37 percent would sharply and unexpectedly increase incomes at
the top. As
with previous iterations of the GOP plan, the overall picture is still
of a tax
reform that offers little benefit to many ordinary people while handing
benefits to the rich at the expense of the country’s long-term fiscal
bill’s provisions will kick-start economic growth and all Americans
in what will certainly be prosperity.
others, says the "Growth effects will probably be mild, and the price
will probably be a trillion-plus dollars in new debt, according to
projections. This debt will further burden low- and middle-income
future generations as their government loses the means to invest in
education, health care and infrastructure."
the Post piece, "independent analysis after independent analysis
that the GOP tax framework would exacerbate economic inequality and add
massively to the debt — well more than the Obama stimulus Republicans
as an irresponsible monstrosity — for relatively little in return. The
response has been to ignore the experts, attack the messengers and
on bad policy."
There is a zero percent
chance that the tax bill Republican leaders have promised to vote on
next week will generate the economic growth projected by the White
Rather, the bill is guaranteed to increase deficits and mortgage future
generations with crushing debt, making it that much harder for America
great again any time soon."