The Joint Committee on Taxation (JCT), a bipartisan team of members of both the House and the Senate that evaluates proposed fiscal policy, has just issued a statement that is far from music to Republican ears, as they rush to vote on their tax scam tonight without debate or proper protocol. The joint committee’s analysis clearly states that tax bill will not produce enough revenue growth to cover its tax cuts for the 1%.
The JCT elaborated that the bill would ultimately reduce the deficit by $408 billion by 2027, but still cost American taxpayers at least a $1 trillion, when all is said and done.
To make matters worse, by removing the individual healthcare mandate, the bill will effectively repeal Obamacare, throwing more than 13 million Americans off healthcare.
With both the Congressional Budget Office and the Joint Committee on Taxation ruling the bill a fiasco for American economic policy, the Republican-majority Senate is as of the writing of this article deadlocked in a razor’s edge vote as to whether or not to send the bill back to committee before putting it up for a vote.
In light of the JCT’s conclusions, lawmakers, economists, political scientists, and even former Republican administration officials took to Twitter to unanimously sound the warning bells about the tax bill to try to change the course of history.
Senator Dianne Feinstein (D-CA) immediately issued an outcry, after the release of the JCT report: “Republicans claimed their tax cuts would pay for themselves through economic growth. That’s NOT TRUE.”
LATEST: The Joint Committee on Taxation says there’s NO CHANCE the Republican tax bill could generate enough revenue to cover the $1.4 TRILLION it will add to the deficit. Republicans claimed their tax cuts would pay for themselves through economic growth. That’s NOT TRUE.
— Sen Dianne Feinstein (@SenFeinstein) November 30, 2017
Conservative political scientist and contributing editor at The Atlantic Norm Ornstein’s cumulative evidence against the bill: “[Congressional Budget Office] and JCT say this is a terrible bill. AARP says this is a terrible bill . . . economists say it will be a deficit and debt disaster . . . medical community say it will be a health catastrophe . . .”
Simpson and Bowles say this is a terrible bill. CBO and JCT say this is a terrible bill. AARP says this is a terrible bill. The overwhelming mass of economists say it will be a deficit and debt disaster. Virtually the entire medical community say it will be a health catastrophe. https://t.co/5HkHrWRinq
— Norman Ornstein (@NormOrnstein) November 30, 2017
Even former Treasury Secretary Martin Sullivan, the father of Reagan’s “trickle-down” economic theory, has called this shameless “reverse Robin Hood Bill” an act of fiscal “malpractice” for its $1.4 trillion ballooning of the American debt, its huge tax breaks for corporations and the very wealthy, and the fact that it raises taxes for a majority of poor, working-, and middle-class Americans. In a bipartisan act of protest, Senate Democrat Sheldon Whitehouse retweeted the conservative Sullivan.
Former Reagan Treasury official describes tax bill process as "malpractice"; rushed for political reasons. https://t.co/VzGIiB4rTy
— Sheldon Whitehouse (@SenWhitehouse) November 30, 2017
Every American citizen must pay close attention this very instant to these proceedings and demand that lawmakers vote against passing this criminally kleptocratic bill.
The “Let them eat cake” Republicans in Congress and the White House should tread softly, lest their vote bring this already-inflamed nation to the brink of pitchforks and torches by turning our hallowed republic into a Putin-esque oligarchy.
UPDATE: Seconds after this article went live, the Republican-majority Senate voted not to send the bill back to committee, thereby advancing the tax scam bill that will cripple the American economy. The vote is now expected tomorrow morning.