GOP 2017: Lousy Tax Bill, Empty Room, No Ideas, Heading for Doomsday Election

Empty Room, Terrible Tax Bill, all for Trump's Desire and Need 

for a "Win at any Cost" 

GOP's Party "Leader"

New CBO tax bill analysis – poor gets hit and hurt the most:

The Senate Republican tax plan would give substantial tax cuts and benefits to Americans earning more than $100,000 a year, while the nation’s poorest would be worse off, according to a report released Sunday by the nonpartisan Congressional Budget Office.

Republicans are aiming to have the full Senate vote on the tax plan as early as this week, but the new CBO analysis showing large, harmful effects on the poor may complicate those plans. CBO also said the bill would add $1.4 trillion to the deficit over the next decade, a potential problem for Republican lawmakers worried about America's growing debt.

And, as bad as that is, this may be worse since it clearly shows like always exactly who the GOP favors vs. who they claim to work for: Big business and giant corporations just like Mitt Romney once shouted to a man at one of his rallies in Iowa who complained about that point: “Corporations are people too my friend.” What a load of crap…!!! Just like the mythical “trickle down.”

More specifically: The Senate version of the bill would keep seven individual tax brackets, similar to current law. 

The House version of the bill would have four brackets.

The crappy part: Most individual tax breaks provided in the Senate bill would expire to avoid creating a long-term deficit increase, but corporate reductions would be permanent.

Bingo – that is the whole point: Help your rich BFF in the banking, big business, and giant corporate world and they will help you later with big fat PAC for your reelection.

Shame on any Republican who votes for this bill. Tax reform is needed for sure, but playing favors the way this one does it sick and ornery.

This from Paul Krugman, Nobel Prize for economics at the NY Times, in part with his introduction to an excellent analysis, which he is famous for:

Donald Trump likes to declare that every good thing that happens while he’s in office — job growth, rising stock prices, whatever — is the biggest, greatest, best ever. Then the fact-checkers weigh in and quickly determine that the claim is false.

But what’s happening in the Senate right now really does deserve Trumpian superlatives. 

The bill Republican leaders are trying to ram through this week without hearings, without time for even a basic analysis of its likely economic impact, is the biggest tax scam in history. It’s such a big scam that it’s not even clear who’s being scammed — middle-class taxpayers, people who care about budget deficits, or both.

One thing is clear, however: One way or another, the bill would hurt most Americans. The only big winners would be the wealthy — especially those who mainly collect income from their assets rather than working for a living — plus tax lawyers and accountants who would have a field day exploiting the many loopholes the legislation creates.

The core of the bill is a huge redistribution of income from lower- and middle-income families to corporations and business owners. Corporate tax rates go down sharply, while ordinary families are nickel-and-dimed by a series of tax changes, no one of which is that big a deal in itself, but which add up to significant tax increases on almost two-thirds of middle-class taxpayers.

Meanwhile, the bill would partially repeal Obamacare, in a way that would sharply reduce aid to lower-income families and raise the cost of insurance for many in the middle class.

You might wonder how such a thing could possibly pass the Senate. But that’s where the scamming comes in.

While the underlying structure of the bill involves raising taxes on the middle class, the bill also includes a number of temporary tax breaks that would, at first, offset these tax increases. As a result, in the first few years most middle-class families would see modest tax cuts.

But the operative word here is “temporary.” 

All of these tax breaks either dwindle over time or are scheduled to expire at some point; by 2027 the bill is, as I said, a tax increase on the middle class used to pay for tax cuts that mainly benefit the wealthy.

Why would anyone write a bill full of provisions that evaporate over time? There’s no economic or policy logic behind it. Instead, it’s all about trying to have it both ways, making a safe space for political double talk. So it’s a giant scam. And while the exact nature of the scam may be unclear, ordinary American families would end up being the victims either way. 

Continue reading the main story here.

Related stories here and here good research data sites.

Last point: This GOP is ramming this through without hearings or public input – shame on them for such a critically important bill to do it that way. 

They and Trump want a win at any cost and folks, this one will cost plenty.

Thanks for stopping by and enjoy your “tax cut” – yeah, right???