The Senate is rushing forward with a corporate tax giveaway that keeps changing by the day. The congressional GOP tax bill is so complicated and filled with so many special interest carve-outs that even tax experts are struggling to figure out all the new loopholes it may create. But the basic contours are clear: It would raise taxes on 87 million families making less than $200,000 a year in order to pay for permanent tax cuts for corporations.
That’s why the bill is being rushed, as the more the American people find out about it, the less they like it. But this secretive process has obscured another important issue. In order to cover the roughly $1.4 trillion cost of the bill over the next decade, the Trump administration must implement automatic and devastating cuts to a range of programs starting in 2018 and lasting the next 10 years. Here’s the irony: those cuts would significantly hurt Trump’s own supporters.
The above excerpt was originally published in RealClearPolicy. Click here to view the full article.
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Vice President, Democracy and Government Reform