New CBO numbers find Republican Senate tax plan hurts the poor more than
was first calculated
November 27, 2017
Tax reform. A little here, a little there.
(WASHINGTON, D.C.) -- Democrats in Congress have been hammering away at the Republican Senate tax reform plan as a giveaway to the rich and corporations financed on the backs of the middle class and the poor.
Some new numbers released Sunday by the nonpartisan Congressional Budget Office lend a bit of credence to that point of view as it specifically regards poor people in America.
The Budget Office, according to its report found the GOP tax cut plan gives hefty tax cuts and benefits to those who earn more than $100,000 a year but the poorest Americans would actually end up worse off than they are now.
The Washington Post reported that in addition to lowering taxes for businesses and many individuals, "the Senate bill also makes a major change to health insurance that the CBO projects would have a harsh impact on lower-income families," and would also add $1.4 trillion to the national deficit over the next decade.
The reason the poor end up taking such a hard hit in the Senate bill is because they'd receive less government aid for health care.
That bill does away with the requirement that almost all Americans buy health insurance or else pay a penalty and with that as part of the tax plan, the CBO calculated that health insurance premiums would rise if the bill becomes law, which in turn would lead to 4 million Americans losing their health insurance by 2019 and 13 million losing it by 2027.
The Washington Post has a full report on the new numbers here
Many of the people who are likely to drop health insurance have low or moderate incomes and if they drop health insurance, they will no longer get some tax credits and subsidies from the government.
And just how are the poor faring these days in America?
In Oklahoma a 16-year old girl is selling cupcakes to help pay for her mom's cancer bills and keep bread on the table. It's the family's only source of income.
According to KJRH-TV , teenager Tyler McClain has made more than 500 cupcakes since March by advertising on Facebook, which is when her mother, Talisha, was diagnosed with breast cancer.
With Talisha unable to work, the McClains had to move out of their three-bedroom home to a small apartment. Tyler's cupcake business is the only way the family has to make money.
Her mom faces another procedure this Thursday. A GoFundMe page has been set up to help the family.
The GOP tax bill: a bad deal for America
Some chatter of late on the bill. A new report at TheHill.com says this "Tax bill is a bad deal for America." The America public by and large thinks it's bad. Quinnipiac University released a poll showing that only 25 percent of Americans approve of the Republican tax overhaul, and 61 percent of voters are under the impression the bill mainly helps the wealthy.
Some comments today by readers over at Politicalwire.com:
" Republicans really know how to endear themselves to the voters less than a month after being kicked in the electoral groin in a purple state."
" Geezus. What a disaster!"
"It’s the GOPs war on the poor and middle class. "
"If it hurts poor people more than expected then many Republicans will regard that as a bonus."
"The GOP is openly and ONLY for the multi-billionaire class now."
"The poor aren't real Americans. If they were, they wouldn't be poor."
Americans are skeptical this time around about all this "tax reform" talk from Republicans because for one, "They realize they were played in the past. The gigantic Bush tax cuts didn’t bring more jobs and higher wages. Remember the Great Recession?
Second, as polling numbers on the GOP’s favorability indicate, it may have finally dawned on Americans that Republicans don’t have their best interests at heart. That was one of the major consequences of the attempted Obamacare repeal. It revealed that there was no reason, save for ideological zealotry and a desire to deliver even more largesse to the rich, for Republicans to destroy health insurance for those who couldn’t otherwise get it."
Republicans say this is a superb tax reform bill for Americans because it will rev up the economy, create lots of jobs, drive wages up, allow more Americans to save more of their heard earned money and make businesses more competitive and more interested in investing in and growing their businesses.