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Republican tax bill would add $1.7 trillion to deficit: CBO
Reuters Staff
WASHINGTON (Reuters) - The Republican tax bill being debated in the U.S. House of Representatives would add $1.7 trillion to the federal budget deficit over 10 years, when recent changes put forth by the head of its tax-writing panel and estimated debt service costs are included, the nonpartisan Congressional Budget Office said.
“By CBO’s estimate, additional debt service would boost the 10-year increase in deficits to $1.7 trillion,” the office said in a letter on Wednesday to Representative Richard Neal, the top Democrat on the tax-writing House Ways and Means Committee.
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That's just great. Then some poor D-tribe person will get elected and suddenly deficits will matter.
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So much for "revenue neutral."
I guess they'll need to take away ALL individual deductions in order to "pay for" the lowered corporate rates.
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It's depressingly similar to every other tax "cut" plan that I have seen in my lifetime.
The big shots get their goodies right away.
the debt explodes.
But, we will cut that nasty old deficit after a decade or so.
Sure, pass out the cheesecake. We'll lose weight after New Years. I promise.
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As people wake up to the fact that this bill will enrich corporations while impoverishing individuals expect a midterm route unlike any that has every happened.
This bill could hand the Congress and the White House to Democrats for a generation...or longer.
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The Senate is supposed to release their version of the bill Today.
Sources say that it will completely end the SALT deduction, deduction for student loan interest, and deductions for large medical expenses.
All so that corporations can enjoy a nearly 50% tax cut.
What an awful betrayal of the American people.
I am having difficulty even imagining it.
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Giveaway to business and a few bones for everyone else (and for some a screwing) !!