The Colossal GOP Tax Cut Scam Boosted by Overnight Senate Passage


(Home – Stephen Lendman). 

Contact at [email protected].

Capitol Hill arm-twisting failed to enact Trumpcare – so far at least. It succeeded overnight Friday for passage of grand theft Senate legislation – the misnamed Tax Cuts and Jobs Act.

House and Senate versions of the measure have nothing to do with economic growth or jobs creation – everything to do with grand theft and public betrayal.

It continues the longstanding transfer of the nation’s wealth from ordinary Americans to corporate predators and super-rich households – thirdworldizing the country, already unfit to live in, serving its privileged class exclusively.

Commenting on last night’s Senate passage, an Economic Policy Institute (EPI) email press release said:

“Senate Republicans just voted to hand tax breaks to millionaires, billionaires and corporations on the backs of working families.”

“They claim that their tax plan will boost wages for American workers. But real-world evidence suggests otherwise.”

“Cutting corporations’ taxes is not a recipe for increasing workers’ wages. It’s a recipe for exacerbating income and wealth inequality.”

Ballooning the federal deficit over the next decade will mean “higher interest rates, an overvalued US dollar and growing trade deficits.”

“US manufacturing and other traded goods industries (including agricultural products and other traded commodities) will be hard hit by the Republican tax plan, because it is financed through a large increase in the government budget deficit.”

Cutting taxes for corporate predators and high net worth households won’t contribute to economic growth. Nor will the GOP scheme create jobs or boost worker wages.

It’ll “simply redistribute income from the bottom up…(a) Robin Hood-in-reverse plan…disast(ous) for most working families…a payoff to the Trump family and the the wealthy individuals and big business that helped put him in office,” EPI explained.

It’s a slap in the face to millions of voters who elected Trump, expecting better, betrayed instead.

Expecting either wing of America’s duopoly governance to serve everyone fairly is wishful thinking.

Americans for Tax Fairness said the following about passage of the Senate tax cut bill:

“All but one Republican in the Senate just voted to raise taxes on 87 million middle-class families, add a trillion dollars to the deficit, and trigger automatic cuts to Medicare. All so that their corporate campaign donors and billionaire benefactors can get massive tax cuts.”

“Medicaid, education and other critical services will soon be on the chopping block. Corporations will be encouraged to ship more jobs and profits offshore, while their foreign shareholders will see a windfall. That’s anything but America First.”

“It’s no coincidence that corporate sources contributed massive amounts to the campaign coffers of members of Congress who sit on the tax committees. Corporations and wealthy businesses get most of the tax breaks given by this bill.”

“That’s quite a return on investment. Meanwhile, Donald Trump will personally save millions of dollars in taxes each year while working families will continue to struggle to make ends meet.”

“This fight is not over. We will fight tooth and nail to protect working families from this wealth grab. And every single member of Congress who voted for this sham will answer to their constituents.”

If the GOP tax cut becomes law, social justice in America will be the big loser, especially Medicare Medicaid and education, followed by Social Security later on.

They’re essential programs, fundamental for everyone besides the nation’s privileged class, benefitting hugely from capital gains and other investment income.

They’ll get more ahead from a GOP agenda of putting ordinary Americans last, privileged ones alone first.

House and Senate tax cut legislation made America’s deplorable state worse, a race to the bottom for the poor and eroding middle class – the nation’s wealthy doing better than ever under a system rigged to serve them exclusively.

Stephen Lendman is a Research Associate of the CRG, Correspondent of Global Research based in Chicago.

VISIT MY NEW WEB SITE: (Home – Stephen Lendman). Contact at [email protected].

My newest book as editor and contributor is titled “Flashpoint in Ukraine: How the US Drive for Hegemony Risks WW III.”

Comment on Global Research Articles on our Facebook page

Become a Member of Global Research

Articles by: Stephen Lendman

About the author:

Stephen Lendman lives in Chicago. He can be reached at [email protected] His new book as editor and contributor is titled "Flashpoint in Ukraine: US Drive for Hegemony Risks WW III." Visit his blog site at Listen to cutting-edge discussions with distinguished guests on the Progressive Radio News Hour on the Progressive Radio Network. It airs three times weekly: live on Sundays at 1PM Central time plus two prerecorded archived programs.

Disclaimer: The contents of this article are of sole responsibility of the author(s). The Centre for Research on Globalization will not be responsible for any inaccurate or incorrect statement in this article. The Centre of Research on Globalization grants permission to cross-post Global Research articles on community internet sites as long the source and copyright are acknowledged together with a hyperlink to the original Global Research article. For publication of Global Research articles in print or other forms including commercial internet sites, contact: [email protected] contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available to our readers under the provisions of "fair use" in an effort to advance a better understanding of political, economic and social issues. The material on this site is distributed without profit to those who have expressed a prior interest in receiving it for research and educational purposes. If you wish to use copyrighted material for purposes other than "fair use" you must request permission from the copyright owner.

For media inquiries: [email protected]