Breaking the Bank: House GOP Tax Scam 2.0
To nobody’s surprise, the GOP’s latest tax bill will add even more to the deficit, further padding the pockets of the wealthiest 1 percent. It’s just another step in their plan to use the massive deficit from their tax scams to justify ransacking the Medicare, Medicaid and Social Security that seniors and working families rely on.
House Republicans bracing for November’s midterm elections unveiled a second round of tax cuts on Monday that could add more than $2 trillion to the federal deficit over a decade, aiming to cement the steep cuts they passed last fall despite criticisms of fiscal profligacy and tailoring their policies to help the rich.
And as House Republican leaders double down on their historically unpopular tax scam for the rich, Members of their own party are becoming increasingly anxious about what they’re signing onto:
The White House and top congressional Republicans want to push for a House vote on a second round of tax cuts ahead of the midterms in hopes of bolstering their economic pitch to voters — but they’re running into opposition within their own party.
…the concerns over the bill are largely flowing from the Republican side, mainly from members fighting to keep hold of seats in suburban districts where President Donald Trump is most unpopular — and that are key to the GOP’s hopes of keeping their majority.
The legislation — released as Republicans are at risk of losing their majority in the House — is seen as a last-ditch effort by GOP lawmakers to convince voters of the benefits of their new tax code. Polls consistently show less than half of Americans approve of the tax cut.
Last year’s tax overhaul set the individual changes to expire at the end of 2025 for budget reasons, since the bill was approved through a special process that allowed it to pass with a simple majority. The provisions include the so-called SALT deduction cap, which is unpopular in high-tax states such as New York and New Jersey.
The inclusion of the SALT measure in the bill released Monday has been a source of contention for some Republican lawmakers in those high-tax states, who say the limit effectively raises taxes for many of their constituents.
Republicans are having a hard time selling their tax bill to voters — but that hasn’t stopped them from introducing another one … Republican leaders had anticipated the tax cuts they passed in 2017 would be a big win with voters, but thus far, that hasn’t been the case.
[Kevin] Brady is hoping to get a House vote on the legislation this month, but whether there’s a significant appetite for it isn’t really clear.
Polls show many Americans aren’t noticing tax cuts in their paychecks, and the bill has actually become less popular with voters over time. According to a RealClearPolitics average of polling, 37 percent of voters approve of the GOP’s tax cuts, while almost 42 percent disapprove.
While Republicans dig themselves in deeper on unpaid-for tax breaks for the richest few, Democrats are fighting for real, bipartisan tax reform that creates jobs, reduces the deficit and is For The People.