The passage of the regressive tax bill will add $1.5 trillion dollars to the deficit, kick 13 million people off health insurance, there will be no help for students with student loans and no help for low-income housing. Our nation will forever be in debt because the Gross Old Pedophiles have demonstrated what is their interest and it’s not our nation or the people. A healthy economic system is critical for any nation to survive. Fiscal stability is how our nation became a beacon for the world, how we were able to grow the middle-class and how our nation remained a hegemonic power for a long time. Now, all that is gone because America is going to go broke.
2017 has been one rollercoaster of a year, and as we come to the end, the only “accomplishment” of the Gross Old Pedophiles was passing an abysmal tax law that was poorly written and damages our nation in the long-term. This tax bill has put America as a debtor nation, meaning we will have to borrow money to clean up our debts which falls on millennials and future generations. Sidebar: being fiscally conservative, ending government wasteful spending are arguments the GOP no longer have, and the horrendous tax bill is a clear example of this. Moreover, it’s clear the GOP is not learning from Kansas with their failed tax policy which has economically damaged the state. Sidebar: Kansas tax plan produced no fiscal growth, no job growth, and no money. “The Brownback plan aimed to boost the Kansas economy, but instead led to sluggish growth, lower than expected revenues and brutal cuts to government programs, Gale wrote.” NPR. The failed tax cut experiment in Kansas is a clear example of how disastrous the GOP tax bill will be horrible for our nation and our economic partnerships with other countries. What lies ahead if this tax scam of a bill goes through will be more catastrophic than any other economic downfall our nation has faced.
“The Brownback plan aimed to boost the Kansas economy, but instead led to sluggish growth, lower than expected revenues and brutal cuts to government programs, Gale wrote.” NPR.
Sidebar: As of 2010 the GOP stopped lying about how they cared about the middle class, the economy, and the deficit. The horrendous tax plan the Senate has come up with illustrates their inability to write a tax law that helps the people and not the rich. It seems the GOP has a case of amnesia because this tax bill adds $1.5 trillion dollars to the deficit which is the opposite of what the GOP vehemently argued which was cutting the deficit is their priority. Mentioned briefly in the above paragraph, Kansas attempted this dismal experiment of cutting taxes with no revenue being generated and no jobs created. Because of this, the GOP in Kansas is forced to increase taxes to make up for the astronomical losses from their failed tax plan.
“Kansas implemented Paul Ryan’s blueprint for utopia — and ended up with four-day school weeks, weaker growth than its (higher tax) neighbors, and, eventually, a GOP-led legislature voting to ditch the “red-state model.” Supply-side experiments in Oklahoma and Louisiana replicated these results.” NY Mag.
What’s in the bill does not make any sense. First, on pages 11-12 you will see a breakdown of how you should file your taxes, such as if you are head of the household, filing jointly as a married couple or filing separately as a married couple. However, if you fail to do your “due diligence” filing correctly, you will receive a $500 dollar penalty. Sidebar: one of the greatest mishaps in the Kansas tax bill was the Pass-Through tax allowing businesses to file as people. On pages 21-23 allows businesses to file as individuals using the Pass-Through tax outline which will cost states and the U.S. economy a loss of much-needed money. Moving on, pages 70-74 Student loan relief is completely crossed out, meaning there will be no help for students to help pay off their astronomical student loans.
According to Mother Jones, “the House version—which passed earlier this month—proposes getting rid of the tax-exempt status of private activity bonds. This would gut the widely used 4 percent credit, leading to the loss of between 788,000 and 881,000 units in the next decade alone.” On page 213, you can read how the low-income Housing credit is completely gutted which will leave many families without the financial resources to receive low-income housing.
America Going Broke by stealing money from hardworking Americans tax bill is the worst piece of legislation to pass. Moreover, it’s the most unpopular bill and it’s sad this was the only issue the GOP was able to get done all year. As an active politico, I cannot wait until 2018 to begin the process of getting rid of traitors to our nation and we the people.
Sources:
http://www.motherjones.com/kevin-drum/2017/12/europe-doesnt-like-the-republican-tax-bill/#
https://www.pbs.org/newshour/politics/how-the-senate-tax-bill-affects-rich-and-poor-in-three-charts
Also published on Medium.