Tax Bill Adds $1 Trillion to Deficit, Harms Programs for Seniors

There’s no sugar coating it: The Senate has approved sweeping tax cuts that will add well over a trillion dollars to the national debt. After a rushed and secretive process during the wee small hours of Saturday morning (Dec. 2), the GOP-led Senate passed a tax bill that will explode the national debt by giving massive tax cuts to the wealthy. By adding over $1 trillion to the debt, our nation’s bedrock programs – Medicare, Medicaid and Social Security – will be in the cross-hairs of lawmakers who will use the excuse of growing debt to “restructure” or “reform” these programs by gutting them.  If this tax bill is signed into law, Medicare will face immediate, automatic and ongoing cuts - $25 billion in FY 2018 alone.  By repealing the Affordable Care Act’s individual mandate, 13 million fewer people will have health care coverage and millions more will face increased premiums.  This will disproportionately affect people over age 50 who are not yet eligible for Medicare.  Other provisions will lead to needless expense, and suffering, for millions of Americans.  Instead of being deficit neutral (in other words, paid for) which Republican leadership originally promised, Americans are getting a package which – even if you believe in all the gimmicks and economic growth revenue pixie dust – still will add more than $1 trillion to the debt. And that’s according to none other than the Joint Committee on Taxation (JCT), Congress’ nonpartisan scorekeeper. In reality the actual total will be [...]

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12/1/17 03:05 AM

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