The New GOP Tax Bill Is Worse Than You Think…
Senate Republicans are planning to hold a vote on their tax reform bill. Cenk Uygur, and John Iadarola the host of The Young Turks, breaks it down. Tell us what you think in the comment section below.
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“Kent Smetters was in the trenches in the Newt Gingrich-era Congressional Budget Office, and he’s a veteran of George W. Bush’s Treasury Department. A new analysis using his well-regarded budget model has concluded the Republican tax plan won’t raise nearly as much revenue as its proponents say, or provide a meaningful boost to economic growth.
The problem, according to a pair of new reports by the Penn Wharton Budget Model, is that Senate Republicans’ tax bill would increase federal debt by more than advertised, and increased debt accumulation would counteract much — or potentially all — of the positive growth impact of tax cuts. The result will likely be lower incomes for the bottom half of the income distribution even before considering the negative impact of inevitable spending cuts to offset the surprisingly low federal tax intake.
This is technical, in-the-weeds stuff, but that’s where tax policy happens. And you can bet that business lobbyists and the donor class aren’t afraid of delving into it.
To comply with the terms of the Byrd Rule that allows Senate Republicans to bypass a Democratic filibuster, the tax plan must meet two conditions. On the one hand, it needs to comply with the budget resolution’s mandate to raise the deficit by no more than $1.5 trillion over 10 years. According to Penn Wharton, it does that. But on the other hand, it needs to not increase the long-term deficit in the years following.”
Hosts: Cenk Uygur, John Iadarola
Cast: Cenk Uygur, John Iadarola
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Young Turk (n), 1. Young progressive or insurgent member of an institution, movement, or political party. 2. A young person who rebels against authority or societal expectations.(American Heritage Dictionary)
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