The Republicans have attempted to disguise their so called “Tax Reform” bill as a tax cut for the middle class. They hoped to zip this partisan, budget busting, wealthy rewarding, corporate welfare gimmick through Congress before anyone could see beyond the smoke and mirrors. Fortunately for the middle class, they weren’t quite fast enough in greasing their tax scam through the Senate. They got caught with their hands deep within the Federal taxpayer cookie jar, handing out goodies for their rich friends and their corporate donors. Their ridiculous claims that this is a middle class tax cut has been exposed as another “Big Lie” by both the major non-partisan tax specialists.
Congress has two official tax estimating bodies; the Congressional Budget Office (CBO) and the Joint Committee on Taxation (JCT). They both agree that this GOP Senate bill is a budget buster. Both the CBO and JCT assert that the Republicans’ numbers just don’t add up and the result will be a $1.5 trillion increase in the deficit.
The Washington Post broke down the CBO report by winners and losers. The Washington Post summary of the CBO report reached this conclusion: