Budget Bill gives a $7 trillion tax cut on the backs of the poor and does NOT cut deficit!

 

Write a letter to your congressman or a letter to the editor about the new budget bill!

And, as I suspected, the new budget bill slashes services to the poor while handing out a tax cut to the billionaires. The U.S. House Committee on Financial Services wrote this: "Not only will this bill hand billionaires like Elon Musk, Jeff Bezos, and Mark Zuckerberg a massive $7 trillion tax cut, but it also slashes $880 billion in Medicaid and funding for food stamps. At a time when our nation is facing a worsening housing and climate crisis, this bill guts funding for affordable, climate-resilient housing."

The US House Committee also says it will "Drive U.S. Toward 2008-Style Recession"


And it says the bill will " These sweeping deregulatory measures defund the Consumer Financial Protection Bureau which was created after the financial crisis of 2008 to protect working-class families from financial fraud and abuse and has saved consumers $21 billion since. It abolishes oversight bodies like the Public Company Accounting Oversight Board, established to regulate auditors after two major accounting scandals and the Financial Stability Oversight Council (FSOC), and Office of Financial Research (OFR), leaving millions of American families vulnerable to a financial crash."
https://democrats-financialservices.house.gov/news/documentsingle.aspx?DocumentID=413304


Furthermore, the Committee for a Responsible Federal Government says that “The Joint Committee on Taxation (JCT) estimated that the bill as written would increase deficits by $3.8 trillion through 2034, or 1.1 percent of Gross Domestic Product (GDP); if all of its expiring policies are extended permanently, we estimate it would add $5.3 trillion to deficits, or 1.5 percent of GDP.”
https://www.crfb.org/blogs/permanent-ways-means-bill-could-add-53-trillion-deficits


So, they have made very harmful cuts that will impact the poorest of Americans and asked us all to sacrifice but they are NOT reducing the deficit or the debt, but raising it, while giving tax cuts to billionaires. I feel that this is sinister, and that we should all object to this bill.


Crushing dissent. A quote from the ACLU (May 13th) regarding the new budget bill:

“In an apparent effort to aid President Trump’s discriminatory clamp down on free speech, Republicans on the House Ways & Means Committee have snuck a dangerous anti-dissent bill into their massive, new tax package.

“This provision, formerly known as H.R. 9495, would grant the executive branch the power to effectively shut down any non-profit organization — including news outlets, universities, and civil liberties groups — by accusing them of “supporting terrorism” and using that accusation to suspend their tax-exempt status without any real due process. It was defeated last year, yet extreme politicians are now trying to resurrect it once again.”

https://www.aclu.org/press-releases/aclu-urges-house-committee-to-remove-dangerous-anti-dissent-provision-from-tax-bill


Allowing the government to curb our free speech in this manner is a dangerous road to go down, and smacks of totalitarianism.