The biggest legislative news to occur in quite a while is the $1.5 trillion tax bill the Republicans passed in the House of Representatives. Yes, that’s right, Republicans, not one House Democrat voted for the tax overhaul, which is expected to be passed by the Senate and then signed by President Donald Trump. There were actually 12 House Republicans who voted against the bill.
The Democrats objected to the bill loudly, claiming the bill is nothing more than a gift to corporations, the wealthy and adds to the national debt. Republicans claim the bill will stimulate growth and average Americans will get tax relief they need. No bill shows immediate impact, so ultimate judgment on the bill will have to wait until later, but there are some significant facts that are part of the bill that make a good point that corporations and the wealthy will prosper even more after passage of this bill. The tax bill cuts the corporate tax rate from 35 percent to 21 percent. The highest earning individuals will see their taxes go down as well, as the top rate of 39.6 percent was slashed to 37 percent. And, not even Republicans deny that this new tax bill will increase the nation’s debt.
Some Democrats are not as concerned about this new tax legislation as they are about what may come next, which could include cuts to Social Security, Medicare and Medicaid to help pay for this loss of revenue, according to U.S. Rep. Adam Schiff, D-California.
“Make no mistake: After they borrow $1.5 trillion to pass a windfall tax break for corporations and the rich, Trump, [House Speaker Paul Ryan], and [Senate Majority Leader Mitch McConnell] will seek cuts to Medicare, Medicaid, and Social Security to pay it back,” Schiff tweeted after it became clear the bill was going to pass both the House and Senate.
If Schiff’s prediction is correct, it would truly be a case of the rich stealing from the poor.
