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FEATURE NEWS

U.S. Senate Passes Biggest Rip Off Ever For Working Stiffs
And dares to call it tax reform

December 02, 2017




Happy Republican tax reformers in Washington (mostly old, fat, wrinkled rich white guys) who did what they always do: reward the rich and stick working stiffs with the tab.
Chronicle opinion
by Rex D. Cain

(WASHINGTON, D.C.)  --  Because the average American isn't even close to being a policy wonk and never wades into the details of legislation or what lawmakers do to them on a regular basis - why let facts get in the way of a good story or belief system? - right now, this moment Joe and Jill Sixpack across the nation have no idea how badly they've been hosed by this Republican controlled congress.

If the nasty, snarling, blood-dripping thing called "tax reform" that passed the US Senate in the wee hours of Saturday morning becomes law of the land, Joe and Jill and their kids will be paying for this nightmare for years to come while Wall Streeters, the billionaire set like the Koch brothers, Donald Trump and his family and huge corporations laugh all the way to the bank.

And as they laugh on their way to deposit their winnings at your expense, they'll sing that very old Washington, D.C. song called, "Thanks suckers!"

Mother Jones describes what happened in those early morning hours this way:

"The final version of the three-week-old  bill was not released until four hours before the vote. There have been no hearings on the bill and none of the bipartisanship seen during the last major tax overhaul in 1986.

The bill, the Tax Cuts and Jobs Act, is projected to add more than $1 trillion in deficit spending over 10 years, but passed a Republican caucus that spent the Obama years obsessed over the national debt.

There was just one dissenter in the party, Sen. Bob Corker of Tennessee. The final vote was 51 in favor, 49 against, with all the Democrats and Corker voting no."

Here's all you need to know. Right at a time when corporations in this country are reaping record profits and sitting on huge piles of cash and need no help from you the taxpayer whatsoever - and while these corporations are most certainly not going out of their way to create more jobs, increase wages, invest in new factories or stop exporting jobs offshore - they get a big PERMANENT tax cut and (most) everyone else gets much smaller, temporary tax cuts which will fade away with time.

They win, you lose sucker because YOU are the one paying for those permanent cuts that will do nothing but create more economic and wealth inequality in this country and bloat America's deficit.

And over the next decade, this combined huge $1.4 trillion dollar tax cut, "Would disproportionately reward the wealthiest Americans while piling on the national debt—which in turn will likely be used by Republicans as a justification for cutting Social Security, Medicare, and Medicaid," as Mother Jones and others put it.

And you can bet on that happening.

Don't believe you've been thrown to the wolves by this Republican congress? Well, just take a peak at this story here by The Village Voice called "All the Ways the GOP Tax Bill Will Screw You Over." It's a sobering read.

You can bet your bottom dollar ol' Bubba Sixpack sittin' in the middle of Bumptulips, Omaha who's been voting Republican all his life because he loves their stance of "them thar' social issues" won't be reading it. 

That attitude is partly why Bubba keeps getting hosed by his GOP pals in Washington and can never get ahead financially. That attitude (don't confuse my poor lil' country boy head with facts!) is why Bubba has to shop at Walmart instead of Saks 5th Avenue.

The Village Voice puts the GOP tax bill in its proper historical perspective: it's "the biggest shift of wealth to the rich since Reagan."

And why the big rush for this thing?

Why were Republicans in such a rush to get this "tax reform" monster put to bed knowing that just 25 percent of Americans approve of it? Mother Jones again:

"For one, there seems to be fear that the bill will only get more unpopular if subjected to further scrutiny. And then there are the donors. “My donors are basically saying, ‘Get it done or don’t ever call me again,’” Rep. Chris Collins said earlier this month. Many have already closed their checkbooks, and Republicans are keen to see them reopened."

Oh. And there's a report over here at The Intercept you really should read called, "The GOP plan is the biggest tax increase in history, by far." 

Just for openers that report notes:

"The Tax Policy Center estimated that about 80 percent of the benefit of the tax plan will go to the top 1 percent, who will enjoy the following elements of the tax cut:

A full $1.5 trillion alone is going to slash the corporate tax rate. CEOs have said repeatedly they plan to pocket that money rather than invest it or give workers higher wages.

The alternative minimum tax, paid almost exclusively by the rich, is also eliminated. That’s a $700 billion giveaway.

Another $150 billion goes to repealing the estate tax, which currently exempts the first $11 million of the deceased’s estate, so nobody even remotely middle class pays it. The repeal benefits so few people you can practically list them out."

And things for you, Joe and Jill Sixpack go downhill from there.

But wait! Didn't House Speaker Paul Ryan and other Republicans release a letter signed off on by "137 economists" who say they strongly endorse the GOP tax reform plans because they are so swell for Americans?

Well, there's a bit of a problem there with credibility. You see, some reporters looked into that list of "economists" and there were some "discrepancies."

Things like economists, "that are supposedly still academics but are actually retired, and others who have never been employed as economists. One might not even exist."

You'll find that story called "Ghosts, Office Assistants, Ex-Felons and A Sprinkling Of Real Economists" right here.

And one final report we think is just a hoot. It's a Washington Post story here called, "Apparently Republicans want to kick the middle class in the face."   And so it goes.

 






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