The medium- and long-term effects of the plan will be a massive drop in public investment, which will come on the heels of decades of declining spending (as a percentage of gross domestic product) on infrastructure, scientific research, skills training and core government agencies. The United States can’t coast on past investments forever, and with this legislation, we are ushering in a bleak future.
The tax bill is expected to add at least $1 trillion to the national debt over the next 10 years, and some experts think the real loss to federal revenue will be much higher.
Well okay, but the beleaguered middle class needs a tax cut, right? Maybe so, but they aren't getting one from this bill. As David Leonhardt explains, working people pay more in payroll taxes than they do in income taxes, and:[D]uring the Depression, World War II and much of the Cold War, a sense of crisis and competition focused America’s attention and created a bipartisan urgency to get things done. Ironically, at a time when competition is far more fierce, when other countries have surpassed the United States in many of these areas, America has fallen into extreme partisanship and embraced a know-nothing libertarianism that is starving the country of the essential investments it needs for growth. Those who vote for this tax bill — possibly the worst piece of major legislation in a generation — will live in infamy, as the country slowly breaks down.
Now President Trump, Mitch McConnell and Paul Ryan are trying to widen inequality even further. Their tax bill doesn’t touch the payroll-tax rate — again, the single biggest tax that most households pay. The bill does cut income taxes for the middle class, but only modestly and only temporarily. The tax cuts benefiting the wealthy, including cuts to the inheritance tax and the corporate tax, are much larger and permanent.And the spending cuts that inevitably follow will more than wipe out those temporary little tax cuts. Why are the Republicans doing this? To benefit their billionaire donors. That is the only reason.
Anybody who votes for any Republican, ever, is a fool.
And, right on cue, "Top Republicans are already talking about cutting Medicare and Social Security next."