Mitch McConnell is the fastest turtle on earth, delivering a major win for Donald Trump and the GOP with an abhorrent tax “cut” bill that will harm millions of Americans. How did he do it? By methodically making deals with each senator who was wavering on his or her vote. On Friday, Republicans added on sweeping last minute handwritten revisions, hastily scribbled in by aides just before the Senate vote took place on Saturday. The bill passed with a 51-49 vote, with only one Senate Republican, Bob Corker (TN), to vote against it. It’s a victory for the Republican party who hasn’t been able to pass any major legislation since Trump took office, but it’s a massive FAIL for the American citizens who these senators were elected to represent.
Why are Republicans saying this bill is so good when it is clearly so BAD?!
The non-partisan Joint Committee on Taxation’s report on the plan found that it would balloon our deficit by $1 trillion — not exactly great for our economy. But even more concerning to ordinary families is that many of the key tax breaks in the plan are set to expire. Tax cuts for individuals and families disappear after eight years while the cuts for corporations are permanent. According to estimates by the Congressional Budget Office and the Joint Committee on Taxation, personal income taxes would increase to $430 billion between 2025 and 2027 and likely keep accelerating in following years. The hardest hit would be the middle class with incomes between $54,700 and $93,200. These same people would also lose the increase to the standard deduction and the child tax credit that Republicans have been proclaiming is needed.
These tax hikes are likely to result in a lot of backlash from constituents which will force Congress to repeatedly change the tax code. Lawmakers will be faced with a major dilemma, as extending these expired tax cuts could mean slashing spending on programs like Medicare and Social Security. Sorry, millenials. Or it could mean that the deficit climbs much more quickly than Trump and his cronies have promised. Previous attempts to decrease the deficit included cuts in defense and other programs, like scientific research.
The next step is for the Senate’s and House’s passed bills to be reconciled. McConnell said Republicans are “well on the path” to having a bill on Trump’s desk by Christmas. This timeline has been a key party goal, likely due, in part, to the close race between Senate hopefuls Doug Jones (D) and Roy Moore (R) in Alabama’s December 12 election.