GOP Tax Scam Steals from Hardworking Americans to Reward the Ultra-Rich

Big, Ugly Bill dubbed “The Most Regressive Legislation in Decades”

In the few days since the nonpartisan Congressional Budget Office released their report confirming that Republicans are sticking everyday Americans with the bill to pay for tax breaks that benefit the super-rich, there’s been a steady drumbeat of negative news coverage showing the public how House Republicans abandoned working families to side with the billionaires and ultra-wealthy.

The coverage dovetails with recent research from the DCCC and DSCC from across the battleground revealing that when voters learn about Republicans’ plan to cut health care and food assistance programs to pay for tax breaks for the ultra-wealthy – the less popular the bill becomes.

It’s clear why. Republicans are kicking 16 million people off their health insurance by gutting Medicaid and failing to extend the Affordable Care Act tax credits. Hospitals will close and nearly 24 million people will see their monthly health care costs increase as a result. The GOP Tax Scam threatens to leave 18 million children without school lunches, and 3 million Americans losing access to affordable food.

Read for yourself:

• The Republican tax bill approved by the U.S. House of Representatives would cost the poorest Americans roughly $1,600 a year while increasing the income of the wealthiest households by an average of $12,000 annually, according to a new analysis released Thursday by the Congressional Budget Office.
• Democratic Rep. Brendan Boyle of Pennsylvania, who requested the CBO analysis released Thursday, said in a statement that “this would be one of the largest transfers of wealth from working families to the ultra-rich in American history. It’s shameful.”

CBS: GOP tax bill could cost low-income Americans $1,600 per year, CBO says

• The analysis, which tallies the impact of the bill’s tax breaks, reductions in funding for federal programs and changes in matching state funds, notes that the proposed legislation would reduce resources for low-income Americans because of cuts to Medicaid and food stamps.
• The CBO found the bill would boost the government resources going to the highest-earning 10% of U.S. households by $12,000 per year.

NYT: Trump’s Big Bill Would Be More Regressive Than Any Major Law in Decades

• The Republican megabill now before the Senate cuts taxes for high earners and reduces benefits for the poor. If it’s enacted, that combination would make it more regressive than any major tax or entitlement law in decades.
• Congressional Republicans have created a bill unlike anything Washington has produced since deficit fears began to loom large in the 1990s.
• Compared with other legislation, this bill is notable because it’s so regressive — while neither reducing the deficit nor supercharging growth, according to analysts across the political spectrum.
• [Princeton Economist Owen] Zidar noted that one tax provision that mostly benefits the rich — an expansion of the tax deduction for certain types of business income — is estimated to cost about as much as the bill’s major reductions in Medicaid spending would save.

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