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mac



Joined: 07 Mar 1999
Posts: 10674
Location: Berkeley, California

PostPosted: Sun Dec 17, 2017 9:10 pm    Post subject: Reply with quote

Much has been written about the efforts of Republican’s to “reform” the tax system. As an aside, I would support at least a few of the provisions in the current bills. But for every good thing there are ten terrible ideas, both economically and politically. If it passes, I believe that it will be an albatross around the party’s neck in 2018. Notwithstanding the utter irresponsibility of adding another $1-2 trillion to the debt, supported by idiots like Malibu, who opposed deficit spending by Bush and Obama when the economy was on life support, there are things that are almost unimaginable. For example, since 35% of American stock is now held overseas, the bills would result in a windfall for those investors. Between $31 billion (Senate bill) and $50.4 billion (House) that was going into the treasury will remain overseas. In comparison, the total combined tax cuts for families in the lower 80% of income brackets in the 30 states won by Trump, would be $39.4 billion. Ship that money overseas, make America weaker again!

We won’t have to wait for the deficits to see the war on the poor. Republicans have refused to renew CHIP, the Childrens Health Insurance Program. It cost $13.6 billion last year. That is about what Trump’s cabinet will gain from the bill. You righties who fell for this must be so proud.
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