Mission accomplished. The OBBBA is a done deal in the House. The final vote was 215-214. A squeaker. But still being touted as a huge success. Guess that depends on your definition. If you give away the store resulting in its bankruptcy, is that success?
The CBO, Congress’s official scoring body, has found that Republican’s tax-and-spending cut bill will take from the poor and give to the rich.
It would extend the $3.8T extension of Trump’s 2017 tax cuts, which disproportionately benefit the wealthy and corporations.
The CBO said that the lowest tenth of earners will lose money. People in the top 5% will see a tax cut of $117.2B, more than 20% of the tax cuts in the bill.
Poorer Americans take a hit because it cuts federal healthcare and food assistance programs to partially offset the costs of the tax cuts.
Cuts to Medicaid are expected to leave at least 9M people without healthcare coverage.
Cuts of about 30% to SNAP would be the biggest cut in the program’s history. About $300B would be cut from the program through 2034. More than 40M people, including children, seniors, and adults with disabilities, receive this food assistance.
The CBO said the measure will add $2.3T to the deficit over ten years.
And they noted that when a budget adds too much to the federal deficit, it triggers cuts to Medicare under the Pay-As-You-Go law.
The bill would kill climate-control green energy initiatives passed by the Biden administration, sending us backwards in time, and killing any possibility of warding off ever-increasing danger to our planet.
And even though Texas leads in renewable energy from wind, and has benefited greatly from an infusion of federal dollars to create a thriving economy in that field, how did my Rep vote? Did you call for protecting energy tax credits or expressed any concern that an end to clean energy tax credits would kill projects in your state and take countless jobs away from constituents?
Although this is technically a budget bill, items in it from Trump’s wish list include a restriction on the authority of federal courts to hold government officials in contempt when they violate court orders.
This is a major infringement on the powers of the third branch. Without the contempt power judicial orders are meaningless and can be ignored.
Judges are currently considering whether the administration is in contempt of court over its disregard for court orders pertaining to rendition of undocumented immigrants to third countries.
And the icing on this cake, Trump will meet, probably behind closed doors, with the top owners of his cryptocurrency meme coin today. This makes good on the promise that purchasing the coin could lead to access to the president.
GOP lawmakers are finalizing the idea that the government must work for the wealthy few. While allowing a president unfettered powers of corruption.
Never doubt that this embodies the true intent of Trump’s Golden Age.
You say Golden. I say Gilded.
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