It’s official: Republicans in Congress are fiscally irresponsible. The Republican tax-scam bill has been signed into law. Both Republican U.S. senators, Grassley and Ernst, voted for this boondoggle. Our U.S. Congressman, Dave Loebsack, voted for sanity and not for this bill.
This is overwhelmingly a give-away to the richest Americans and their corporations. They certainly don’t need it. They are doing just fine. Most families are not. According to Zach Carter (“Welcome to the Class War,” Nov. 25, 2017, Huffington Post) median household income, adjusted for inflation, has grown just 1.5 percent since the beginning of the Great Recession.
Here are some of the damaging things this legislation does (“Thirteen Shocking Truths About the Trump-GOP Tax Plan,” Nation of Change)
1. Gives 83 percent of the tax cuts to the richest 1 percent by 2027.
2. Adds $1.5 to $2.2 trillion to the national debt, jeopardizing critical services.
3. Kills American jobs by encouraging outsourcing and profit shifting.
4. Hands a $400 billion tax cut to offshore tax dodgers.
5. Lets many wealthy heirs avoid paying the estate tax.
6. Enriches President Trump and his family.
This Republican tax scam is a slap in the face to ordinary Americans. I hope they all remember when they vote next November.