Awful Senate Tax Bill Proves GOP Has Completely Capitulated to Donald Trump
Third Way released the following statement from Jim Kessler, Senior Vice President for Policy:
"The GOP tax plan is a gimmick-laden, deficit-busting monstrosity, and its passage in the Senate proves that the Republican Party has now completely capitulated to Donald Trump. The claim that this bill will help the working class is about as credible as Trump's claim that his voice is not on the Access Hollywood tape, that Barack Obama was born in Kenya, and that he had the largest inaugural crowd in history.
"Every objective analysis of this bill shows that working class people will be punished with steeper health insurance costs that will far outstrip the few pennies in tax relief they may see from rate reductions. The national debt, already approaching $20 trillion, will explode by a minimum of $1.5 trillion. The promise of new revenue through dynamic growth in the economy would be laughable if it wasn't so dangerous for America's future.
"There was a time when Republicans -- at least some of them -- cared about such things. Not anymore. This bill proves they have sacrificed every last remaining shred of fiscal principle in fealty to Donald Trump.
"In an economy that has already benefited the wealthiest to dangerous levels, the tax bill not only asks nothing of them, but shovels the lion's share of goodies to their collective doors. And it is designed intentionally to punish people from certain regions of the country simply because they had the temerity to demand functioning state and local governments.
"The net result of this bill, should it become law, may be an immediate sugar high for the economy. Don't be fooled. The long term results will be a diminishing of America's greatness and a weakening of our economy.
"We have long been in favor of major tax reform that also lowered the corporate tax rate to a competitive level. This bill is far, far too high a price to pay. We oppose this legislation and call on Republican leaders to start again in a bipartisan fashion and under regular order."