Tuesday, November 28, 2017

Republican tax plan would cut medicare by a quarter-trillion dollars

In case you had any doubt about who the GOP is working for (hint: wealthy donors), just take a look at their tax plan. Republicans are willing to do anything & everything in order to cut taxes for corporations & the rich, even if it means affecting the demographic (seniors) who voted for them:

"GOP’s Ugly Secret: Tax Plan Would Force Quarter-Trillion Dollar Cut In Medicare"


"The Republican plan to cut taxes for millionaires, billionaires 

and wealthy corporations would increase the deficit by about 


$1.5 billion dollars over the next decade. That would mean 


that if it passes, there would be mandatory, automatic 


spending cuts 
of at least $150 billion in each of the next ten years, 


including $25 billion per year from Medicare.
Over ten years that amounts to a quarter-trillion dollars of Medicare 

cuts right 
at the same time that the baby boom generation 


is demanding more & 
more 
from Medicare."
In addition, half the country will see their taxes increase after 2027: CBO found that by 2019; "Americans earning less than $30,000 a year would be worse off under the Senate bill. By 2021, Americans earning $40,000 or less would be net losers, and by 2027. most people earning less than $75,000 a year would be worse off". But of course, "Millionaires and those earning $100,000 to $500,000 would be big beneficiaries":

"The New GOP Tax Bill Is Worse Than You Think..."


https://www.youtube.com/watch?v=kTzi9Vhy8JY

& for a party of "fiscal conservatism", Republicans have now made it clear they don't care about deficits: 

"The GOP tax plan could be devastating for future generations in America:




  • The GOP's tax plan is unlikely to pay for itself.
  • An aging population puts pressure on entitlement spending, and so tax cuts that are not matched with spending cuts in other areas could be bad for America's fiscal position in the future.
  • The GOP is under pressure to have something to show the electorate before next year's midterms, even if it leads to a massive debt hangover later."
Nevertheless, republicans control the senate, the house, and the presidency, thus they'll probably end up passing this "toxic" tax plan. Today, the GOP even "notched a key victory":

"Senate Budget Committee Approves Tax Bill"


https://www.nytimes.com/2017/11/28/us/politics/republican-tax-bill.html
"Tuesday kicked off a frenzied effort by Senate Republicans to pass their tax code overhaul, with party leaders hoping to bring it to the Senate floor for a vote by Friday. They notched a key victory on Tuesday while Capitol Hill buzzed about the President Trump’s fight with Democrats."


If there's any hope for this bill to be defeated, Democrats need a unified strategy. Yet I haven't really seen a coherent line of attack. As always, Bernie Sanders is the only politician willing to travel (hit the trail) and fight this bill:

"Bernie Sanders hits the trail again, this time to fight GOP tax bill"


 "Sanders has been involved in other efforts against the tax bill, such as leading a recent conference call organized by MoveOn.org that attracted 11,000 callers and thousands more online.
In addition to condemning the bill for reducing taxes on the wealthy, Sanders is hoping to use the tour to argue the tax plan would pave the way for cuts to Social Security and Medicare, which have proved politically deadly for Republicans in the past."
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