The photo above (from C-SPAN) is of some of the Republicans gathered at the White House to celebrate the passing (and signing) of their tax reform bill. Donald Trump called it a massive tax cut -- the largest ever to happen. He is right.
But if you are in the working or middle class, don;'t start making plans for a large (or even modest) purchase with your tax cut. The cut you will receive (if any cut at all) will be a very modest one -- and it will expire in 2025 (leaving you to actually experience a tax increase. The "massive" tax cuts were reserved for the rich and the corporations -- and unlike the cuts for the working and middle classes, those cuts are permanent.
The Republicans are crowing about what they have done for the middle class, but that is a lie. What they have actually done is redistribute income from the working and middle classes to the rich. This massive redistribution will make the rich even richer, and it will vastly increase the gap in wealth and income between the rich and the rest of America.
But it's worse than that. The bill also removed the individual insurance mandate. That will result in about 4 million losing their insurance in 2019, and by 2027 that will climb to 13 million. And it will result in a 10% increase in insurance premiums -- not just once, but every year between now and 2027. Those premium increases will easily outpace the small tax cuts some will receive.
And that's not the end of the problems this ridiculous bill will create. The bill blows a $1.5 trillion hole in the budget and will increase both the deficit and the national debt.
We can expect the Republicans to now begin whining about the deficit and debt (ignoring the fact they created most of it). And they will want to pay for their flagrant giveaway to the rich and corporations by cutting all government programs that help ordinary Americans (including Social Security, Medicare, Medicaid, etc.).
In effect, they are throwing 90% of America under the bus to pay for their massive redistribution of wealth to the richest 1%. This is not something to celebrate. It is a dark day for most Americans.
