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Why Is This Very Rich Guy Holding A Sheet Of Money And Smiling?
November 17, 2017

Why is this rich guy smiling? Because Republican style "tax reform" is in the air.

Chronicle opinion

(NATIONAL)  --  The Republican controlled House of Representatives passed their version of a "tax reform" bill Thursday.

And there's good reason every rich guy in every gated community in America was a hootin' and a hollerin' Thursday night and all smiles like a Cheshire cat that ate the mouse.

The same reason the CEO's at every huge corporation in America were passing out imported champagne at the executive team office party.

They got stroked sweet and good and sexy by that bill, while you working stiffs got shoved to the back of the bus. No, make that run over by the bus.

We got a kick out of the New York Times editorial board's opinion piece headlined: "A Tax-Cut Bill to Make Scrooge McDuck Proud."

The piece notes that the:

"Republican tax proposals were bad from the get-go. But they have become steadily worse as they have been turned into bills...consider the latest changes to the Senate tax-cut bill being championed by the majority leader, Mitch McConnell, and his merry band. It lavishes generous permanent tax breaks on corporations, while modest tax cuts for the middle class would vanish into thin air after 2025. Millionaires would enjoy average tax cuts of $5,580 in 2027, according to the Joint Committee on Taxation, at which point families earning less than $75,000 a year would pay more taxes."

"Let that sink in. This tax bill would take money from working families and give it to the world’s wealthiest people. The hardest hit would be in high-cost states like California, New Jersey and New York because the bill gets rid of important deductions and the credit for state and local taxes."

Is that too much for TV? Taking money from you and your kids to give it to guys like billionaires Bill Gates and Donald Trump and his kids. You gotta admire, in a weird way the big brass ones those lawmakers have to have to pass a steaming, stinking pile of mule dung like that.

And the nastiness of the Republican Senate bill gets better. It calls for the repeal of Affordable Health Care Act’s mandate for most people to have health insurance.

And what would that mean? It would leave 13 million people without health insurance and drive up premiums for other Americans, many of who are already struggling to afford health care -- all in the interest, notes the Times piece "Of reducing spending by $338 billion so Republican lawmakers can cut taxes for big businesses, despite Democratic opposition."

And it gets better. This Senate bill, along with the very similar one that passed in the House on Thursday will trigger automatic cuts to Medicare, "And other important programs that low-income and middle-class Americans depend on. All told, the bills would add more than a trillion dollars to the federal debt for future generations to pay off," notes the Times piece.

Oh. And if you're a graduate student, that House passed bill has a little provision hidden away inside it that will probably bankrupt many a grad student. Read more on that here.

And if you're a black American, boy are you gonna get hammered and hammered good by this GOP "tax reform" nightmare. It's a 5-way screw job for you and yours. Check that out here.

Do you get the picture NOW just who in America this new breed of far right wing Republican is trying to serve? Not you Mr. bricklayer or construction worker or single mom working two restaurant jobs and a third gig cleaning houses on weekends to get buy.

Not you Ms. grocery check out counter person. Not you the night stocker at Walmart or the auto mechanic or the college student or elderly man barely scraping by on your Social Security check.

Why are these Republicans doing this? Simple. Sen. Lindsey Graham of South Carolina said it out right: “the financial contributions will stop” if Congress fails to pass a tax cut for the already fat and rich.

And to a lawmaker, money is like oxygen. If that stops, they stop and sooner or later they'll all be voted out of office and then, god forbid, will have to go get a real job in the real economy and produce and sell something of value.

CBS News Moneywatch notes that, "For the 572,000 or so taxpayers who earn more than $1 million per year (the Senate version of tax reform) would provide billions in lower payments to Uncle Sam over the next decade, according to a new report from the Joint Committee on Taxation (JCT), the official nonpartisan committee that analyzes tax-related issues."

"The picture isn't as rosy for taxpayers who earn less than $75,000 per year, however. While the group would benefit from an initial tax cut in 2019, that would reverse over the next decade. By 2027, all households earning between $50,000 and $75,000 would contribute almost $4 billion more per year in taxes, the study found. Millionaires in 2027 would contribute $5.6 billion less than under current law."

So you see now, do you not, who is getting hosed and who is being handed buckets and bucket of new, free money on this deal?

Story tags: tax reform, Mitch McConnell, Donald Trump



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