The shocking new projections released recently and the price tag of the GOP’s tax scam have left a few Republican senators very nervous about voting on a new tax package ahead of the 2018 mid-term election.
While there are some Republicans that want to make the individual tax cuts, that were part of last year’s $1.5 trillion tax cut, permanent, others say that voting on such a measure would be a disaster.
WHAT HAPPENED TO FISCAL CONSERVATISM?
Apparently, Republicans only support fiscal conservatism when it lines the pockets of their corporate overlords. The GOP spent Tax Day proclaiming the success of the tax cut, while 56 percent of Americans can’t even tell if their federal taxes increased or decreased anyway, according to the Hill.
Insofar as the “trickle-down theory” goes, the multi-trillion dollar price tag of the tax scam doesn’t bother those “fiscal conservatives” because they say that making the tax cut permanent for businesses will work to stimulate the economy, whereas putting more money in the hands of the American people might not.
The only problem with that theory is that the guy who helped pen the law that began trickle-down the last time, as well as the recession in the 80s, proved that trickle-down economics is a myth.
The authors of the original bill didn’t make the individual tax cuts permanent because of concerns that it would raise the national debt too high.
As it stands, the Congressional Budget Office (CBO) warned just last week that the federal debt would rocket up to $33 trillion by the year 2028, which is around 96 percent of the gross domestic product of the United States of America.
A Penn Wharton Budget analysis reported last week, as well, that extending the individual tax cuts and making them permanent would add between $573 billion to $736 billion to the national debt.
BETWEEN A ROCK AND A HARD PLACE
The Republicans pushing to make the tax cut permanent are putting many members of the GOP between a rock and a hard place. At the end of the day, they want to make the play that ensures they get re-elected this fall.
In March, a few Republican leaders floated the idea of making the individual cuts permanent, to double down on their promise of cutting taxes. The strategy here is to force vulnerable Democrats to vote on the measure, knowing that they wouldn’t stand a chance if they voted no.
But that could blow up in their faces for a couple of reasons.
First, support for the current bill isn’t where Republicans thought it would be. Over the two-week Easter recess, many Republican Senators received negative feedback about the Omnibus spending bill.
Secondly, if the Democrats, once forced into a vote, ended up voting yes on the new measure, that could also blow up in their faces, as once they vote yes they could run as “tax-cutters.”
WE WILL FIND OUT SOON ENOUGH
One thing is guaranteed, we will find out soon enough. Speaker Paul Ryan (R-Wis.) told reporters that the House would schedule a vote this year to make individual tax cuts permanent. As it stands, they will expire in 2026.
If these politicians spent half the time working on legislation to fix infrastructure, the Flint Michigan Water problem, the electricity in Puerto Rico, or the myriad other issued facing this nation, things might get better for Americans.
Instead, we are a nation on lockdown ruled by Republicans concerned only with their corporate overlords and their private jets.