Rewarding the Wealthy and Corporate America
Working people lose again
Larry Hanley | 12/27/2017, 9:55 a.m.
A Nation unable to pay its bills is borrowing to further enrich its billionaires and millionaires with a tax “reform” bill that transfers a massive amount of the nation’s wealth from the middle class to the nation’s richest individuals and corporations.
Congressional Republicans justify this unprecedented raid on the U.S. treasury with the flat earth claim that big business will use the windfall to create new jobs that will benefit the entire country.
Making matters worse, under this obscene bill America goes further in debt adding at least $1.5 trillion to the federal deficit over 10 years.
Not a single hearing was held on the Tax Cuts and Jobs Act, which was rushed through Congress without Democratic input, and passed without a single Democratic vote. The bill creates the largest one-time reduction in the corporate tax rate in U.S. history - permanently from 35 to 21 percent - while claiming all Americans will see tax reductions, which eventually expire.
The other shoe in the GOP tax scheme will drop next year when Republicans are expected to call for deep cuts in Medicare, Social Security, and other social programs that protect America’s most vulnerable citizens – cuts they’ll say are necessary by the lower federal tax revenues they have just created.
Moreover, the bill will drain the public resources that could have been invested in a bipartisan infrastructure bill. If we see legislation for transit and highways from the Trump Administration in 2018, it will likely be poisoned with incentives for greedy private consortiums to fleece the American people as they travel around on our decaying roads and railways.
A myriad of other changes in the new law also threaten to increase the tax liability and diminish the standard of living of many working families.
This outrageous and immoral tax legislation has been sold to the American people on the basis of a brazen lie that it will automatically create job and wage growth. Yet corporations and the wealthy will simply pocket the money they don’t need so they can buy more private jets and vacation homes while the rest of working and middle class bus drivers, nurses, teachers and their families continue to struggle to provide for their families.
America was the victim of a heist today. The culprits were the world’s richest people and corporate America, and behind the wheel of the getaway car sat the Republican Congress. Rest assured they will be held accountable for their grand larceny come Election Day in November 2018.
Larry Hanley is president of Amalgamated Transit Union International.