While all eyes were focused on the Kavanaugh hearings this week, Republicans in the U.S. House of Representatives delivered another gift to their donors by passing a bill to cut income taxes AGAIN. The House’s new bill takes effect starting in 2025 and would add $600 billion to the national debt within the next decade, and then $3.2 trillion in the 10 years after that. This is to extend the December 2017 tax cuts, which already will add over a trillion to the national debt but were “limited” to keep the deficit down below a level acceptable to more fiscally conservative Republicans and gain the votes to pass last year.
While it’s unlikely this House bill will get the 60 Senate votes needed to become law, it’s a clear demonstration of the priorities of the Republican majority in the House. And, a call to action for these Midterm Elections where we need to hold Tom O’Halleran’s seat and gain a Democratic Majority.
Sources:
House Passes $3.8 Trillion in Tax Cuts, Fortune, 9/28/2018,
Extending The TCJA Would Cut Revenue By $3.8 Trillion Through 2038, Mostly Benefit The Well-Off, Tax Policy Center.
GOP’s two tax cut wrongs won’t make their policy right, The Hill, by Rep. Raul Grijalva and Rep. Mark Pocan
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