CEOs Thrilled About GOP Tax Scam, Everyone Else Not So Much
This morning, White House Economic Adviser Gary Cohn confirmed the obvious about the GOP tax scam bill: ‘The most excited group out there are big CEOs, about our tax plan.’
It’s no wonder CEOs are more ‘excited’ than everyone else. The GOP tax scam hands massive tax breaks to corporations shipping jobs overseas, while raising taxes on 38 million middle class households.
Just like in the health-care vote, the tax bill is mislabeled as a boon to the middle class. It’s a massive tax break for corporations and the rich. The Republicans didn’t promise that; they ran against that sort of thing on a populist message.
The current version of the GOP legislation scraps all kinds of deductions and tax credits that enjoy broad public support. Everything from medical expenses to adoption costs to education costs are on the chopping block because Republicans can’t figure out how else to pay for their tax breaks.
What remains is a plan that disproportionately benefits the wealthy, which is the opposite of what Americans want, scraps popular deductions and tax credits, which is the opposite of what Americans want, and imposes tax hikes on millions in the middle class, which is the opposite of what Americans want.
With Senate Republicans expected to unveil a GOP Tax Scam of their own later today, this much is clear – House and Senate Republicans are dead set on a tax scam that raises taxes on middle class families, and helps corporations ship American jobs overseas.