Hood cites horrific effect of GOP tax plan
Sunday, December 31, 2017
In John Hood’s latest column, “Cheers for GOP tax bill; now work on budget restraint,” the real eye-watering details are at the very end of his column.
Here is the scary quote from his column: “ During the coming decade, the federal government is expected to spend about $53 trillion and take in $43 trillion. Passage of tax reform then, would make that latter number more like $41.3 trillion to $41.6 trillion.”
In other words, by the admission of one of the most conservative columnists in North Carolina, Republicans are adding to the deficit by more than $1 trillion every year. Republicans just passed a tax bill giving permanent tax cuts to corporations and the wealthiest 1 percent which will increase the deficit from $19 trillion at the beginning of this year to about $31.5 trillion 10 years from now.
Not one whiff of infrastructure spending but lots of tax cuts for the rich fat cats. What about the tax cuts for poor and middle class Americans? They go away in 5 years, by which point our deficit will have ballooned by an additional $6 trillion. Who will be left to deal with this mess? You guessed it, the burden will fall to us, the poor and middle class Americans, whether working or retired. When we die, our children and grandchildren will keep paying. The rich get permanent tax cuts, ours are more likely to turn into permanent additional taxes or loss of the meagre benefits we get for the taxes we pay. They may not call it income tax, but they will get it from us by hook or by crook. Need to fly somewhere? Pay more tax. Want to drive somewhere? Pay a toll. Sending your kids to college? Whoops, tuition just doubled! Want to collect Social Security? Good Luck!
The Republicans truly have become the tax and spend party, and I am astounded they are crowing over passing a tax bill which will result in $11.5 trillion more debt over 10 years.
If you want an example of how their sleight of hand works, look no further than the method North Carolina Republicans used to raise billions of new taxes from the poor, the middle class and retirees. They lowered corporate taxes and taxes on the wealthy 1 percent and made up the difference by adding sales tax on labor and services. Getting your tires rotated? Pay sales tax. Buying a movie ticket? Pay sales tax.
I hope you all get the picture loud and clear!