Op-Ed: No one really has any clue about what’s going to happen in the midterms and what the real long-term effects are of the GOP tax bill now being rammed through the senate …
The new Senate tax bill is set to be signed into law in just a few minutes. This act makes the Republican party one step closer to doing away with Obamacare and its massive budget deficit. The effects of the bill will be felt well and truly in the next few weeks and months and years.
This is not a tax cut bill because it doesn’t cut taxes. It’s a complete makeover of the tax code that will eliminate the deduction for state and local taxes, increase the standard deduction and decrease the amount of tax credits that are available.
The Republican party has had an enormous tax plan in its plans for the last decade. It’s just that the tax plan was never put in motion. This bill is the first real plan they’ve come up with for the last 15-20 years. It’s finally gotten the chance to be implemented. This tax bill will never come close to being implemented because they have failed to raise taxes on working class families and low-income families.
Let’s be clear. This tax bill is not a tax cut bill. It is not a lowering of tax rates. The $1 trillion in tax cuts has been eliminated altogether. This is a massive tax bill that is designed to gut many of the tax benefits that low-income families have been enjoying under the Affordable Care Act.
When it was introduced, it was a huge victory for the GOP. They had a chance to repeal Obamacare, cut taxes and be hailed as heroes for creating jobs.
“There is no longer any doubt that Barack Obama would never veto a bill that cuts trillions of dollars in spending, eliminates loopholes and doubles down on tax breaks. That is until he decided to get a tax bill that would cost him at least $1 trillion.”
It was a great plan to kill Obamacare and create a massive tax cut for the wealthy. But now what?
This bill is going to be the catalyst for years of budget deficits, lower wages