Despite the fact that the GOP tax deform bill is the least popular bill after the Affordable Care Act "repeal and replace" bill to come to the Senate floor, our erstwhile GOP Senators are powering on and through everything, including a horrendous CBO report.
According to the CBO, those people most affected by this travesty of a tax bill are -- drum roll, please -- POOR PEOPLE. Because of course! They need to make the poors poorer in order to make the rich richer.
And if they can do some serious harm to healthcare policy and academia in the process, that's even better! Heather Long reports:
By 2019, Americans earning less than $30,000 a year would be worse off under the Senate bill, CBO found. By 2021, Americans earning $40,000 or less would be net losers, and by 2027, most people earning less than $75,000 a year would be worse off. On the flip side, millionaires and those earning $100,000 to $500,000 would be big beneficiaries, according to the CBO’s calculations. (In the CBO table below, negative signs mean people in those income brackets pay less in taxes).
Here's the table:
(Click to see it bigger)
In just two short years, the poorest Americans would be hit the hardest, largely because of the repeal of the individual mandate, which would drive up premiums without corresponding subsidy increases.
Republicans argue that they won't be worse off because they can opt out of health insurance without penalty. In other words, die, and die quicker.
In 2027, the tax cuts for individuals expire altogether, while the corporate tax cuts are permanent. Clearly Republicans are counting on enough poor people, children, and elderly folks dying in the next 10 years to justify filling corporate coffers. Perhaps that is really their jobs program after all!
Sarcasm aside, this bill is terrible and it doesn't have 50 votes right now. So if you live in a state with a Republican Senator, please do call them. Right now. Today.