Building Bridges: Your Community and Labor Report
National Edition
Produced by Ken Nash and Mimi Rosenberg
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Billionaires Feast on $1.5 Trillion Trump Tax Cut Leaves 99% with
Scraps from their Table and Threatens Medicare, Medicaid and
Social Security
featuring
Dean Baker, formerly was an assistant professor of economics at
Bucknell University. He is currently a co-director of the Center for
Economic Policy Research (CEPR) in Washington, D.C.
and
Alex Lawson, Executive Director, Social Security Works
Only the Billionaires will win bigly with this tax cut for the rich which offers a
sugar coated poisoned pill of benefits for the working class with threats to
Social Security, Medicare and Medicaid down the road to pay for their party.
The massive cut to Corporate Taxes will be permanent while decreases in
the individual rates will be eroded by inflation and then end in 8 years. The
final bill also limits deductions of state and local taxes only to amounts in
excess of $10,000 while exempting more millionaires from paying the Estate
Tax. According to all credible estimates, Republican claims that the $1.5
billion deficits over 10 years will covered by increased economic growth are
overblown. It will leave a $1 deficit which threatens to immediately activate
$25 billion/year cuts in Medicare. Massive looming federal deficits will also
give the Republicans an excuse to attack safety net programs with Medicare,
Medicaid and Social Security heading their hit list…
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