Despite the majority of lawmakers not knowing the contents of Trump’s tax plan, the Senate went ahead and passed it early Saturday morning. The House passed their version last month and are expected to reconcile plans. The House and Senate are both Republican led.
The Congressional Budget Office and other tax experts who have read the plan say it’s a bad idea that would add about $1.5 trillion to the federal deficit over the next decade. Weren’t Republicans the same people that constantly cried about the deficit when President Obama was in office?
Under the plan, working Americans would see more money on their paychecks…for a while. But the tax breaks will expire, conveniently after Trump presumably gets re-elected. The biggest winners are large corporations, millionaires and billionaires like Donald Trump.
Republicans argue that giving big corporations a break will allow them to hire more people, and bring jobs back to the U.S. This may sound familiar to those who were around during the Ronald Reagan years. A Republican, Reagan touted his “trickle down” theory as justification for lowering taxes for those who can most afford to pay them.
Likewise,Trump is trying to convince folks that helping the rich get richer—not increasing wages for the middle class—is what will “make America great again.” The stock market is up and corporations are making record profits. They recovered from the recession very well, yet, there was no mad rush to bring big manufacturing jobs back to the U.S. Instead, they paid investors and rewarded high level executives with multimillion dollar bonuses.
Will corporations suddenly find a soft spot for the poor and working class, and suddenly give everyone raises from their tax savings? Don’t hold your breath.
According to Black Enterprise, experts say that neither the House nor Senate version of Trump’s tax plan will be beneficial to African Americans. The plan will further push the median African American household wealth to “zero” in 35 years.
Not only will the plan make the majority of Black Americans poor, it will seriously jeopardize our health as well. The most recent Medicare trustees report shows after 2029, the Medicare trust fund might only be able to pay out around 90% of claims. Trump’s plan would accelerate the decline of vital health care benefits by cutting both Medicare and Medicaid to help pay for the new tax plan. About $5 trillion plus would be taken from health care over a decade and go toward paying for tax cuts. There are around 41 million African Americans in the country and 5 million are using Medicare and nearly 15 million African Americans are using Medicaid.
Obamacare has survived so far, but we could see cuts so deep that up to 17 million people could be uninsured by 2027.
We cannot afford to be complacent and think someone else will save us or give up because we feel there’s nothing we can do. We can fight, pray, commit to earning and saving more money. We can also vote. If we have learned anything from Trump’s election, it’s that nothing can be taken for granted.
We’ve got to find a way to make the political system work in our favor. That often requires an all out effort to organize, mobilize and get to the polls. We must reinstate every Obama initiative that Trump repeals, from environmental protection to pay equality.
This will only happen when we send the right people to Congress. Trump will still be in office, but a majority of Democrats in either the House or Senate (or ideally, both) can slow down and ultimately reverse his anti-Black/Hispanic/Asian/gay/woman/poor—fill in the blanks—legislation.
I don’t know about you, but for me 2018 can’t come fast enough.