GOP, Trump Enriched by New
The recent federal tax cut bill that President Trump signed today gave a massive tax cut to corporations, dropping the corporate tax rate from 35
percent down to 21 percent. Many in the business world indicated that corporations would have been very happy with anything below a 30
percent tax cut, but this bill went far below giving a huge tax break to corporations that is permanent. Meanwhile, the tax provision of the tax
cuts for individuals expires in 2025 — begging the question of how this helps the average tax payer in this country. The bill favors the wealthy
and punishes the poor.
The passage of the highly unpopular bill, which included getting rid of the individual healthcare mandate, which does not mean that Obamacare
has been repealed, a false assertion provided by the president after he signed the GOP tax bill into law. The bill does end fines for those
individuals who do not purchase healthcare insurance, but it does not repeal it and Obamacare is still the law of the land. The signage of the bill
into law means that 13 million American citizens will lose their health insurance. And when the individual tax cuts expire in eight years, taxes
on individuals are predicted to skyrocket. As everyone knows, the Republican Party has been saying for years that Obamacare or the Affordable
Care Act is dead. Well, the reality is that it is not dead, and key components of President Obama’s signature piece of legislation remain primarily
intact such as Medicaid expansion which serves low-income adults and protects those with pre-existing medical conditions.
Before signing the bill into law, the Congressional Budget Office was not even able to do a full scoring of the bill due to Republicans ramming it
through so quickly. However, we do know that the bill is wildly unpopular amongst most Americans. According to a recent poll in the Wall Street
Journal, 41 percent of Americans surveyed said the tax plan is a bad idea, that number is up from 35 percent in October. Undoubtedly, more
Americans will eventually come to the same conclusion. The GOP has the tough challenge of getting voters to get behind this piece of
legislation. It should also be a tell-tale sign for Republicans that not a single Democrat voted for the bill. The vote went straight down party lines.
There were some Republicans like Senator Jeff Flake of Arizona, Senator Bob Corker of Tennessee and Senator Jerry Moran who initially said
they would oppose the legislation because they are known as deficit hawks, but all three eventually caved in despite the fact the bill is going to
blow up the national debt by 1.5 trillion dollars. The plan added special provisions aimed specifically at benefitting the personal finances of
Senator Corker as well as Trump himself by repealing the estate tax.
The Republican Party has tossed years of being known as the party of fiscal conservatives out the window. So, just how do Republicans plan to
pay the debt? By going after entitlement programs such as Medicaid, Medicaid and Social Security, the very safety nets put in place that protect
the most vulnerable Americans, including children. While giving away millions to big business and their donor base, Congress still has done
nothing with the Children’s Health Insurance Program better known as CHIP. The deadline for the reauthorizing the vital program elapsed in
September with an agreement for an extension. Without reauthorization, approximately two million children will lose coverage as states around
the country are rapidly running out of funding. CHIP provides coverage to over nine million pregnant women and children in the country.
Meanwhile, Republicans are celebrating a president who they didn’t really want as their nominee, but tolerated to get the tax cuts for the
wealthy, something the likes of Mitch McConnell (R-Ken) and Paul Ryan (R-Wis) have been dreaming about for years. They are more than happy
to get a president who has done so much damage to this nation’s standing both domestic and foreign. The mid-terms will be a big year in the
mid-turn elections. The president and his party are polling very low right now, and it will not bode well for them in next year’s mid-term. The real
question is whether the disaster that the GOP tax bill is going to have on most Americans is going to motivate voters to elect representatives
who will vote to overturn this horrible piece of legislation. This bill is not good for America.