Republicans Try To Save Face After Passing Tax Cuts For Rich That Increase Deficit by $1.4 Trillion
March 28, 2018
Republicans blew up the deficit by prioritizing tax cuts for the top 1% and big corporations at the expense of middle-class families. Now they’re trying to save face, but Americans know better.
Republicans passed tax cuts for the rich and big corporations which would add more than $1.4 trillion to the deficit.
New York Times: “In the Congressional Budget Office’s analysis of the Senate tax bill, the cuts would add $1.414 trillion to the deficit by 2027.”
Republicans prioritized tax cuts for corporations at the expense of individuals, who would actually see their taxes increase.
Washington Post: “As a result, when all’s said and done, the net effect of all individual provisions in the tax bill, according to the JCT, is to raise taxes on individuals by a cumulative $83 billion in 2027. Meanwhile, businesses are getting a $49.4 billion cut that year.”
Associated Press: “Congress' official tax analyst says while the Republican tax bill would mean an average initial reduction for all income groups, average taxes would rise for everyone earning under $75,000 by 2027.”
Now Republicans want to save face ahead of the midterms by proposing making tax cuts for individuals permanent, further increasing the deficit.
Politico: “Republicans are dreaming of passing another round of tax cuts this year — or at least making vulnerable Democrats squirm by voting against them. GOP leaders are weighing a series of votes to make last year’s temporary tax cuts for individuals permanent, according to Republicans in both chambers.”
Meanwhile, despite blowing up the deficit to benefit corporations over individuals, Republicans now plan to call for a balanced-budget amendment.
Politico Playbook: “HOUSE REPUBLICANS will take up a balanced-budget amendment when they return from recess, several sources tell us.”