Monstrosity

The House passed their tax reform bill and the Senate is still working but what we do know now is that not only will most  people's taxes go up (if not in the first year, certainly in the third year) but the deficit will balloon badly. An estimated $1.5 billion added to the deficit to benefit people who are already wealthy. And let's face it, the whole notion of trickle down benefits was a chimera dreamed up by David Stockman who knew it was nonsense and wouldn't work. If it worked we would all be seeing benefits already since the wealthy have done very, very well in the last few years but we know they haven't started new businesses, hired new workers, or given raises to their current workers. Even small businesses will see a dramatic increase in taxes because they aren't "C" businesses. So unless you are a large corporation or already in the top 5% of earners you not only won't get any relief from the bill, you will lose services and pay more. You will lose deductions and pay more. You will get hosed and still pay more.

Although it isn't a done deal, the Republicans are twisting all sorts of ways to make sure that they can vote on this monstrosity without needing any help from across the aisle, even changing the rules to enable that voting.

Correction: The CBO did its official rating of the tax bill and the addition to the deficit in ten years will be $1.47 trillion. I may not live another ten years but it's a decent bet that my children, your children, and their children will. All to give rich folks more in their banks and pocketbooks.