As tax season approaches and the effects of the GOP tax scam slowly spread through our economic system, the dire predictions made by Democrats are being confirmed–only the wealthy will truly benefit from the legislation.
Individuals may be getting a little bit more in their paychecks, but those small gains will be more than offset for many by dramatically rising health care costs. If you rely on the ACA you can expect up to a 20% increase thanks to the financial protections removed by the Trump Administration. And if you happen to live in a high-property-tax and/or high-income-tax state (NYS) and you itemize, you will likely pay more in taxes than before.
But what about all the money businesses are saving in taxes? Won’t it trickle down to the workers? The answer is a resounding “NO”. In the last month, flush with cash from tax savings, over 100 corporations have announced $182 billion in stock buybacks, which drive the price of shares up while decreasing the number of shares outstanding, a double win for the remaining shareholders who are often executives of the same company or wealthy investors. Average workers are left in the dust.
As the midterms approach it will be important to easily and clearly highlight the true core of the GOP tax scam. It can be described in five short sentences.
- A windfall for the wealthy.
- Crumbs for the average worker.
- A massive increase in the deficit.
- Higher borrowing costs.
- Higher health premiums
The GOP has become the party of plutocrat greed, and their minion in NY-19, John Faso, has enthusiastically endorsed the destruction of the ACA as well as the transfer of wealth from the government to the billionaire class–at the expense of future generations. That’s their real game, and we can’t let them lie or pretend otherwise. Trickle-down economics doesn’t work. It only widens the chasm between the 1% and the rest of us. We can start narrowing that gap by firing Faso this November.