It’s not tax reform. The loopholes are still there for corporations and the very rich, and more loopholes are added. Instead, it’s a tax giveaway for the rich. But to get it passed through the Senate they have to pay for the giveaways by taking from the rest of us. Tax cuts worth $6 trillion. They have to offset $4.5 trillion of that in order to pass the bill with a simple majority. So we have to pay.
The very rich gain: Taxes reduced by 80 percent by 2027; $1.5 trillion from cutting corporate taxes; $696 billion from eliminating the alternative minimum tax; $596 billion for “pass-throughs” for investment firms and law firms; $20 billion a year for about 5,500 wealthy families by eliminating the estate tax.
We get: Tax increases/higher costs for Americans making $75,000 a year or less; any middle-class tax cuts disappearing by 2026; higher premiums for health care; 13 million losing health insurance; cuts in Medicaid and Medicare; no more tax credits for medical expenses, student loans or state and local taxes.
Our children get: $1.5 trillion added to the federal debt by 2027.
