The GOP’s Stunningly Hypocritical Tax Scam Will Make Income Inequality Even Worse
The GOP’s tax plan deepens america’s inequality
There was a time when Republicans championed higher taxes on the wealthy, but the Reagan era of popularizing trickle-down economics combined with large soft money corporate donations from Citizens United has literally changed the political landscape for the worst. The GOP is in a circular relationship where they give the top one percent large tax breaks in exchange for millions of dollars in campaign donations. It is a cycle of greed and corruption that they generally deny, but are occasionally open about.
And yet, their voter base remains gullible. Throughout President Obama’s second term, the Republicans adopted a pseudo-populist persona of being deficit hawks concerned with bringing down the deficit that his GOP predecessor in the Presidency, George W. Bush, had created through his illegal wars, Medicare Part D program, and infamous tax cuts. They championed economic fear-mongering through tactics like over-emphasizing the debt ceiling and fiscal cliff in 2013. And just when people were finally starting to get wary of the GOP, Trump managed to con the lot of them into thinking that he was a populist that would drain the Washington, D.C. swamp and help the American People.
Now, during the past couple months, most members of the GOP have advocated the Tax Cuts and Jobs Act of 2017, which completely goes against everything they claimed they stood for. It will substantially increase the deficit through decreasing government earnings from wealthy individuals and big businesses via a smaller estate and corporate tax rate, resulting in the debt skyrocketing by $1 trillion within 10 years.
But those are just the raw numbers regarding the rich: the real question that remains is what will this bill do to the average American. According to Dylan Scott and Alvin Chang of Vox, the results are a lot worse than anyone could imagine. For starters, lower and middle class people will lose a lot of school, home, and work tax deductions that helped them manage life financially. College students will have to pay even higher sums of tuition as the plan transfers wealth from public universities to private ones.
And none of that is taking into consideration the biggest after effect, which is the repeal of the individual mandate in the Affordable Care Act that required people to either buy health insurance or suffer a penalty. It seemed unpopular, but it was a good thing as it allowed the government to provide higher subsidies in the health insurance market as more people were now getting it. Well without it, the price of the subsidies is going to decrease, meaning more people will be unable to pay for their health insurance, resulting in an estimated 13 million people fewer people having health coverage in the next 10 years.
All of these factors add up to a simple picture: as a result of the Republican’s Tax Cuts and Jobs Act income inequality will drastically increase. For all their talk about helping the working class, Republicans have officially proven to be corrupt ringleaders playing the public into voting against their own interests. Trump may be singled-out by the media, but he is ultimately just one piece of the GOP’s long-standing history of being servants to their corporate masters.
For normal, regular Americans to undo the damage, they’ll need to get more than Trump out of office.
Featured photo by Chip Somodevilla/Getty Images
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