Republicans are going to unveil the details of a massive tax cut for the wealthy and corporations, but they aren’t going to disclose how they will pay for it, because it will take major cuts to Social Security, Medicare, Medicaid, and education programs to cover the cost.
An analysis from the Americans For Tax Fairness revealed, “As President Trump and Republican leaders in Congress prepare to unveil their tax plan on Wednesday, Sept. 27, Americans for Tax Fairness has prepared an analysis that shows Trump’s tax cuts could total $6.7 to $8.3 trillion, $3 to $5 trillion of which may not be paid for by closing other tax loopholes and/or by limiting tax deductions. The resulting jump in the deficit threatens funding of Social Security, Medicare, Medicaid, public education and other vital services. This analysis is based on recent media reports identifying possible tax cuts under consideration by the “Big Six” of Trump Administration and Congressional negotiators, and on the tax-cutting priorities President Trump and House Republican leaders have emphasized in tax plans unveiled over the past year.”
In order to pay for tax breaks for the rich, there will need to be big cuts made in the social safety net, “Not come close to being paid for by closing tax loopholes, which will likely result in deep cuts now or next year to Social Security, Medicare, Medicaid, public education and many other priorities working families depend on. These cuts were outlined in President Trump’s FY2018 budget, which proposed $4.3 trillion in cuts to Social Security, Medicaid, public education and other non-defense programs; and in the House budget, which proposed $5.8 trillion in cuts to Medicare, Medicaid public education and other non-defense programs and that is awaiting floor action.”
The only way to make the magic math of the tax cuts work is to take money away from programs that help people at the bottom of the economy and redistribute it to the people at the top. The middle-class tax cut that Trump has been talking about is a lie. Most of the money that members of the middle class would gain from the tax cut will be taken away due to eliminated deductions.
It is the Republican philosophy on healthcare all over again.
The name of the game is redistributing wealth to the people at the top. Republicans won’t tell you how they are going to pay for the cuts, because the money is coming out of education, Social Security, Medicare, and Medicaid.