"...the $3.8 trillion extension of Trump’s 2017 tax cuts, which disproportionately benefit the wealthy and corporations. Yesterday the nonpartisan Congressional Budget Office said that Americans in the lowest tenth of earners will lose money under the measure while people in the top five percent of earners will see a tax cut of $117.2 billion, more than 20% of the tax cuts in the bill.
Poorer Americans take a hit from the bill 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 9 million people without healthcare coverage. Cuts of about 30% to the Supplemental Nutrition Assistance Program would be “the biggest cut in the program’s history,” Ty Jones Cox, vice president for food assistance policy at the Center on Budget and Policy Priorities, told Lorie Konish of CNBC. They would cut about $300 billion from the program through 2034. More than 40 million people, including children, seniors, and adults with disabilities, receive food assistance.
Yesterday the CBO reported that the measure will add $2.3 trillion to the deficit over ten years, and noted that when a budget adds too much to the federal deficit, it triggers cuts to Medicare (not a typo) under the Pay-As-You-Go law. The CBO explains that those cuts are limited by law to 4% but would still total about $490 billion from 2027 through 2034.
Tobias Burns of The Hill summed it up: “Republicans’ tax-and-spending cut bill will take from the poor and give to the rich, Congress’s official scoring body has found.”
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This is your Trumpublican administration in action: Taking from the poorest Americans and giving to the richest.
Have you lost your Medicaid? You have no recourse. You could sue, but then the administration would ignore the suit because it has now been codified that the courts can't enforce any decision.
As noted everywhere, this is a cruel bill
"A defining feature of American culture is that everyone believes that in the "Empire of Liberty" each individual is solely responsible for his or her financial success in life.
Those who become rich therefore deserve their wealth and should not be taxed or regulated in any way as to do so would be to punish them for their wealth-creating virtue.
Those who become poor, however, not only deserve their poverty, but must be punished for it, as without punishment how would they ever realize the error of their ways?
With this core belief in a divine moral order that rewards the deserving rich and punishes the deserving poor, what does a person who "worked hard and followed the rules" and yet ended up poor (or just not rich) believe?
Well some some black or brown person, some immigrant, some liberal do-gooder, some corrupt elite must have rigged the system to take from hardworking people what is rightfully theirs and give it instead to some undeserving freeloader.
Once you understand this core belief that defines American culture, you will understand everything you need to know about the "Empire of Liberty."
You will also understand exactly why such a wealthy nation has such a threadbare social safety net and why it wants to make getting any benefits from that threadbare social safety net as difficult, as embarrassing, and as punitive as possible."
Big Beautiful Dung Heap. Lessee what a skeptical Senates does with their scissors
ReplyDeleteWhat, Neo-liberal economics isn't enough? You want something more? Like i said on the other thread, maybe we should move from the "good and evil" of economic neo-liberalism (The post-WWII Open Society consensus) exemplified by "Lexus Populi, Suprema Rex" [Public luxury is the supreme law (utilitarianism) on a scale from Necessity, to Convenience, to Luxury in the measure of the Satisfaction of Desire (GDP)] focus to something merely "bad" (not evil) like a focus on Cicero's ""Salus Populi, Suprema Lex Esto" ["let the health/welfare of the people be the supreme law]. But then again, that would reverse our direction in that of a more "Closed Society" so, never mind...
ReplyDeleteRFK, Jr. - Salus Populi and MAHA will just have to wait.
DeleteTalk about a bill that is not good for anyone.
ReplyDelete*Cut SNAP which is a great program because it provides mostly for children and has strict guidelines on what can be purchased.
*Increase SALT deduction which rewards governments to waste taxes and punish those states and cities who are careful with taxpayers funds.
*Keeping in the tax cuts and not allowing for a huge tax increase for every tax payer does nothing for the 45+% who don't pay federal taxes.
*New work rules for medicaid requiring adults who can work to work 80 hours a month or do community service
*Banning gender transition procedures for children be paid for with medicaid
*Reducing the greehouse gas reduction making energy cheaper
*Increase border security and not increasing IRS agents.
This bill does not even take into account the money spent on the new AF1 or TFC (trump flying carpet)
"The legislation also would add more than $2 trillion to the already massive US debt over 10 years, according to a projection made by the nonpartisan Congressional Budget Office before House Republican leaders agreed to last-minute changes Wednesday to win the support of party holdouts.
DeleteThat forecast reignited long-standing concerns on Wall Street — and among Republican fiscal hawks — that runaway federal spending will drive up borrowing costs for everyone, not just the government.
“The bill spends far too much money on political gimmicks and carveouts, resulting in a package that provides a modest boost to the economy but at a huge fiscal cost,” the right-leaning Tax Foundation said earlier this week in an analysis of the bill.
While debt anxiety tends to come and go, a broader consensus is forming that the United States is about to cross a fiscal Rubicon. Last week, Moody’s Investors Service downgraded US debt — making it the last of the three major rating agencies to strip the government of its triple-A credit score."
Republicans are big spenders and don't care about the deficit.
ERRATA: debt, not deficit.
ReplyDeleteI thought that Conservatives were opposed to runaway spending and enormous pork-laden bills that no one has read that add trillions to the national debt? Hmmm. I guess not.
ReplyDeleteThe SALT tax break is a pittance compared with the trillions in wealth that have disappeared under Trump's reckless, incoherent and punitive tariffs (the ones that the administration at least now agrees the consumer is stuck paying for).
Here's what i don't get... This bill will ultimately add at least, by CBO projections to the debt. The GOP cut spending on Medicaid, not to lower the debt, but to increase it!
ReplyDeleteIf you're going to cut spending on a specific program, as the GOP does in this bill, why not put all that savings to the debt?
The GOP could have cut Medicaid, as they did, to the tune of 750 billion and eschewed extending the Trump tax cuts to ppl making over 500K a year and we could we would have increased the debt only 2 trillion, as opposed to the 3.8 trillion that is now projected.
Who taught these clowns and their supporters math?
At least the Dems were tax AND spend. The GOP these days seems to be purely spend AND spend some more.
Dang typos... this bill will add 3.8 trillion, by CBO projections, to the debt.
DeleteI have not seen all the bill and probably won't for weeks if not months but I have a question from the learned folks here. If the bill cut all of these expenses and doge was responsible for all those savings how is the debt going up 3 trillion or to credit Dave 3.8 trillion. New math is one thing but this is ridiculous. I guess the current administration is no different than the last in that they always lie except now the media will report it instead of covering it up.
DeleteHaving no values except hideous selfish self interest the Felon (with his cult of mindless power hungry sheeple) is taking care of billionaires, muti-millionaires, oligarchs , and wealthy corporations at the expense of everyone else. We are indeed becoming a fascist state under tRump, Musk, and the tRumpublican party.
ReplyDeleteAmerica is unraveling under tRump the Fascist Felon.
Yes, the Courts can no longer enforce ANY judgement. Per Robert Reich: “No court of the United States may use appropriated funds to enforce a contempt citation for failure to comply with an injunction or temporary restraining order if no security was given when the injunction or order was issued….” Translated: No federal court may enforce a contempt citation. Obviously, courts need appropriated funds to do anything because Congress appropriates money to enable the courts to function. To require a security or bond to be given in civil proceedings seeking to stop alleged abuses by the federal government would effectively immunize such conduct from judicial review because those seeking such court orders generally don’t have the resources to post a bond. Hence, with a stroke, the provision removes the judiciary’s capacity to hold officials in contempt."
ReplyDeleteOne branch of US Government down- Next?
ReplyDeleteSkud asked... "If the [Big Beautiful] bill cut all of these expenses and doge was responsible for all those savings how is the debt going up 3 trillion or to credit Dave 3.8 trillion?"
ReplyDeleteGreat question Skud and I credit you for at least asking, rather than just calling us nasty and dismissing us.
So... we start at zero increase to the debt. Then... our budget, if we do nothing and just maintain spending at current levels, will add to the debt each and every year. So, to not cut any spending from the budget, will allow the budget to rise.
Then, Trump wanted to enshrine his 2017 tax cut into law indefinitely. And add to it. That tax cut, a decrease in revenue to the federal budget, with all the additions to the original 2017 cut, will cost the federal government $4 trillion over the next 10 years.
The House did "cut" over $800 billion out of Medicare to "help pay for that tax cut".
Then we add in the pork to GOP districts, the new "Trump Savings Accounts" for new borns, yes, that is what they are called, the border wall Mexico he promised us Mexico would pay for. With a few other assorted goodies and you get to the $4-$5 trillion increase over the next ten years [the standard budget affect timeline] GOP Senators Paul, Johnson and Hawley all agree is a budget buster.
As for the "DOGE cuts", based on your comment, I assume you are not aware what has happened on that front. As of today, we've seen $165 billion in DOGE cuts. That program has essentially ended. Musk is gone, the DOGE cuts tote board website, hosted by the federal government, is gone. And as I am sure you are aware, there is no more presidential or GOP trumpeting of the DOGE.
That's because in reality, DOGE was never a serious effort to cut waste and make government more efficient. It was built and conceived to do nothing more than cut and eliminate programs, USAID is a good example, that MAGA backers did not like.
In the end, while devastating to many useful programs, DOGE has been a huge failure in addressing the deficit, which still stands at over $2 trillion a year and still rising.
Skud... here's something else in the Big Beautiful Bill...
ReplyDeleteIn Trump's effort to defund ANY research and development in the area of "green energy", over $500 billion has been cut from previously funded spending bills to also go towards his tax cuts.
After all, if you are going to give a $1 trillion tax cut to ppl making over $500K a year, you've got to get the money from somewhere, right?
Except this cut will come from primarily red states, where the Biden admin shrewdly placed the majority of this R&D work. That means all across the south, where you live I believe, people will see job losses and economic down turns as a result of Trump's plan.
I don't know how you can say biden had anything to do with any decision much less shrewdly placing R&D work in red states where the R&D was already going on. I will grant you the GOP is vile but with all of the coverup and lies the DNC is disgusting. Not sure there is a viable alternative because eliminating both parties and starting over probably won't happen.
ReplyDeleteProve your allegations skud. Where are the receipts from credible sources? History will ultimately laugh at the stupidity of conservative bullsh*t in support of a narcissistic fascist Felon authoritarian seeking to destroy democracy and the rule of law.
DeleteWell Skud... if you look at notes, stories and interviews on the subject, you see very clearly the Dems, under the direction of Biden, specifically targeted areas such as Arizona [Casa Grande], rural New York [think Rochester] and other areas for development in the hopes of showing those communities that Dems felt they were worthy of investment and help.
ReplyDeleteNow those areas and their GOP Congressmen are begging their party and Trump not to dismantle green energy jobs and semi conductor sites funded by Biden Admin iniatives.
I know Biden and his admin doing any good for anyone is beyond your ability to comprehend, but listen to the moderate GOP congressmen from those areas. They will explain to you.