GOP To Pass Tax Cut 2.0 In The Dark

As America and it's media focus on Brett Kavanaugh, and the hearings regarding the accusations of sexual assault, House Republicans have passed another awful tax cut that will once again favor the rich.

The first tax cut would add $2 trillion to the deficit, but this one is going to increase it to $3 trillion.

According to the Center on Budget and Policy Priorities (CBPP), the Republican tax cut 2.0 will deliver "substantially more tax cuts to high-income households than to those with low or moderate incomes." The tax cut will increase "the nation's long term fiscal challenges," and create "opportunities for tax avoidance by wealthy filers."

According to the CBPP, the three main reasons the 2.0 tax cuts are bad:

1. Ignores working-class wage stagnation and exacerbates inequality.

2. Weakens revenues just as the retirement of baby boomers will drive spending higher.

3. Invites rampant tax gaming and risks undermining the tax code.

Frank Clemente writes of what the first tax cuts did for corporations, and the rich:

The centerpiece of the first plan was a massive tax cut for corporations. The corporate tax rate was reduced by 40 percent, plus a $400 billion tax break for multinational corporations on their trillions in accumulated offshore profits.

Clemente on what the first tax cuts did for the working class:

Trump guaranteed working families a $4,000 raise if corporate taxes were cut. Yet average real wages have been stagnant for the past year. Only 4 percent of American workers have gotten any kind of payout related to the corporate tax cuts, and most of those have been one-time bonuses, not permanent raises.

Americans for Tax Fairness has outlined what the first tax cuts did:

- Of the 155 million in the United States workforce, only 6.8 got a one time bonus and/or a wage hike that coincided with the tax cuts that businesses received.

- Only 413 businesses gave workers a one time bonus, and/or wage hikes.

- Corporations tax cuts were 11 times higher than the wage increases, and one time bonuses for workers.

- "Corporations are spending 106 times as much on stock buybacks as they are spending on workers' bonuses and wages."

- 327 companies have announced a total of 171,548 jobs have been cut since the first tax cut.

In other words, nothing new is going on. Just the GOP doing what it always does: Ass-rape the middle and working class, while the Democratic Party leadership is nowhere to be found.