One of the things that I truly love (please read with sarcasm dripping from my typewriter/computer) about this latest tax plan is that unlike some of the tax cuts in the past, this tax cut is going to be partially paid for by increasing your taxes. The sheer brutality of this tax cut is unprecedented. This tax cut will increase the deficit. Where are all of those GOP deficit hawks???
- Tax cuts to large wealthy corporations
- Repeal of the Affordable Care Acts individual mandate – This generates over $53 billion in annual savings in order to help offset the tax cuts
- Manipulation of inflation adjustment
Finally, even these figures likely understate the degree to which the bill would leave many families worse off. Despite raising taxes on millions of Americans, the bill adds $1.5 trillion to deficits over ten years. When policymakers eventually offset the costs of these deficit-financed tax cuts, the same low- and middle-income families that see little initial benefit — or even face tax increases — from the bill would likely bear much of the burden in the form of cuts in programs on which they rely. That is, these families would likely lose more in health care, education, job training, and other services than they gain in tax cuts, while high-income households would likely remain large net winners.