The tax bill passed by the House and up for Senate vote soon (while people are distracted by Xian holidays) won't just give billionaires a huge tax cut, it will strike at Medicare.
Next year Medicare alone would face cuts of $28 billion.
According to the Congressional Budget Office, the GOP tax bill will instantly trigger $400 billion in automatic cuts to Medicare in the next 10 years, including $25 billion in the first year after enactment alone.
These cuts are the result of a law known as Statutory PAYGO. That law requires an automatic cut in spending when Congress increases the deficit.
To be clear: If the tax bill passes the Senate and is signed into law by Trump, nothing more needs to be done to cut Medicare. If the House and Senate do nothing, the cuts take effect immediately after the end of the congressional session and get bigger every passing year. A vote for this tax bill is a vote to cut Medicare.
Why are you only hearing about this now, after it's already passed the House? That's GOP strategy, don't give the legislators or public time to actually read the bill until a day or two before the vote. Push through a huge document, with hidden effects which aren't directly described, before people can realize what they're signing.
Here's page 1 of my letter to senators: (full text in Writing to Congress comments)
I urge you to oppose the Senate tax bill because it will trigger PAYGO and force devastating cuts to services like Medicare so billionaires can have more money. Trump repeatedly bragged as a candidate that he would reduce the federal debt as president, yet this bill would add $1.5 trillion to the deficit, triggering the PAYGO (“statutory pay-as-you-go”) balanced budget law. According to the Committee for a Responsible Federal Budget, Medicare, agricultural subsidies, student loan programs, social service block grants, mandatory ACA spending, and many other programs could be automatically slashed by a whopping $103 billion just next year. Medicare alone would face cuts of $28 billion dollars in 2018.
These cuts could theoretically be waived by 60 senators and a majority of the House, but given demonstrated Republican hostility to Medicare, the ACA, and other programs, the chance of such a vote happening is near zero. The Senate tax bill must not pass.
I also urge you to oppose the Tax Cuts and Jobs Act [HR 1] because of its effect on students and higher education. The elimination of the student loan deduction and the taxation of tuition waivers would put devastating financial burdens on students. By increasing graduate student tax liability to include tuition waivers and remissions, students will see their tax burden increase by 100-1000%. It would eliminate tax deductions for interest paid on student loans and remove the Lifetime Learning Credit. In 19 states, government agencies can seize state-issued professional licenses from residents who default on their educational debts. Another state, South Dakota, suspends driver’s licenses, making it nearly impossible for people to get to work. With student debt levels soaring, these loans are now the largest source of household debt outside of mortgages. How cruel and self-defeating is it for the government to place excessive tax burdens on students preparing for professional service, and then take away their licenses to work so they have no hope of repayment – all so billionaires get lower taxes. This is INSANE!
Further, eliminating the deductibility of state and local taxes isn’t just incredibly divisive, transferring blue state capital to red states. Many Wall Street executives predict that the Republican tax bill will cause a recession. A National Association of Realtors commissioned study predicted that the elimination of these deductions could result in a decrease in home valuations of 10-17%. When home values go down, then whatever equity has been built up in those homes goes down, and the ability to unlock that equity—through home-equity loans or reverse mortgages—also decreases.
I strongly urge you to call or write to your legislators -- vociferously object!
Thanks and me too.
A year ago the American people, in their combined wisdumb, gave control of the country to the Republican party.
We are only beginning to reap the results.
And they still have over three more years. Unless something happens to awaken the Democratic party in time for the 2018 election. Which seems unlikely.
So, to coin a phrase, you ain't seen nothin' yet.
This is all very disturbing. Are we going to have anything left? It seems that Democrats do not know what to do and they are moving in a direction to be more like the right. Who is for this? Are they insane? It would appear to me that what we need is "government of the people, for the people, and by the people." Instead we have the demanding government of the party. One party wants to tear down everything that had to do with the other party. All of this nonsense costs millions of dollars and is not an example of our parties working together. We need to all work together. Isn't that how it was supposed to be? Instead what we have today is millions of dollars spent to see just which party will be left.
This makes them, all the worst enemy of the American people. Vote them all out. Find somebody that actually makes some sense for a change.
If they succeed America will join the ranks of a closed society.