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USA: “a historic heist”; capitulation of the US into oligarchy complete” … Op-ed & some comments on so-called Republicans’ “tax reform”

December 2, 2017

USA

With barely a vote to spare early Saturday morning, the Senate passed a tax bill confirming that the Republican leaders’ primary goal is to enrich the country’s elite at the expense of everybody else, including future generations who will end up bearing the cost. The approval of this looting of the public purse by corporations and the wealthy makes it a near certainty that President Trump will sign this or a similar bill into law in the coming days.

The bill is expected to add more than $1.4 trillion to the federal deficit over the next decade, a debt that will be paid by the poor and middle class in future tax increases and spending cuts to Medicare, Social Security and other government programs.

AND A COUPLE OF READERS’ COMMENTS –

The capitulation of the United States into oligarchy is complete. Trump assaults and debases the foundations of American democracy every day, and the GOP support him because they have no agenda other than transferring as much national wealth as they can out of the hands of ordinary Americans and into the hands of their oligarch donors … [L]

This hastily cobbled together mess is the opposite of tax reform. It is a return to regressive taxation, and a plunder of the U.S. Treasury to the tune of about $1.5 trillion, most of which will line the pockets of the wealthy and exacerbate our already toxic wealth

inequality … [Ch.]

CLICK HERE FOR FULL STORY:

 

AND MY FAVORITE PAPER

Senate Republicans just failed Governing 101

 December 2 at 9:01 AM
 

THE NATIONAL debt is $20 trillion and rising. That is the highest it has been as a slice of the economy since 1950. Now the Senate has approved a tax plan that would make the problem substantially worse while widening inequality and reducing access to health-care coverage. The current generation will pay. The next will pay more.

The future they have mandated for the next generation is one in which the government has fewer resources to respond to a major economic crisis, let alone to invest in keeping the country competitive. The next time there is a recession, Congress will have to choose between pumping needed money into the economy and pushing the debt into ever more dangerous territory. Many more people could lose their jobs.

A rapidly expanding debt would cause harm even in normal times. Interest rates will rise, dragging on the economy. As federal debt service costs expand, they will consume cash needed for roads, education, national defense …

[Blogger’s emphasis in third para here to highlight the plight that is already upon hapless Nigeria that does not belong in the league of a US State despite which, through a cesspool of  corruption, it already has above template down pat and Nigerians . TOLA.]

A FEW READERS’ COMMENTS

…Baby:  I’m so glad I can no longer deduct my student loan interest so that billionaires can have a private jets. Making America great again indeed.

Different: Republicans know that the tide is turning against them in this country and they are jumping at their last chance to give themselves and their wealthy donors as many breaks as possible. Democrats needs to take back the country and reverse the damage.

hard_:  In one generation, America has lost its golden lustre: From my immigrant father who lived the American Dream – to me, first-generation who learned from him to work hard, get educated, save money and who did everything right but still got slammed by the unconscionable 2008 economic disaster – to our child who has left to make his life in a healthy and sensible western Europe country. “America doesn’t feel like home anymore,” he says … Way to go, you venal, rapacious, immoral legislators and oligarchs.

…Phant:  My great-grandfather died in the mines here in Arizona back in the early 1900s. He was a foreman and the company gave his widow and her three children two months pay and a couple of boxes of groceries and sent them on their way … That’s NOT the America I want to go back to.

… Abuse: The Republican Senators are corrupt traitors who belong in prison . . . along with Trump and his sycophants.

…101:   Republicans whined and moaned for years about the Dems supposedly “ramming Obamacare down everyone’s throats.” They made it seem like the year and a half spent in endless debates, markups, gang of eight meetings, hearings, public comments, happened overnight …
Now here’s the tax package, whipped together in weeks, voted on in the dead of night, with zero public comment, zero public hearings, no Dem amendments allowed … Rammed down America’s throat …

https://www.washingtonpost.com/opinions/senate-republicans-just-failed-governing-101/2017/12/02/ee1d0f68-d6c6-11e7-95bf-df7c19270879_story.html?hpid=hp_no-name_opinion-card-a%3Ahomepage%2Fstory&utm_term=.9d09512adfd5

===================================================================

US TAXATION:  OUTSIDE IN AMERICA

US spends twice as much on tax break for rich as on rent for the poorest  – UK GUARDIAN [https://www.theguardian.com/us-news/2017/nov/30/us-tax-break-rich-homeowners-homelessness]

 The US spent $60bn in 2015 on the mortgage interest deduction for wealthy homeowners – while just a quarter of those needing housing assistance receive it.

 

He lives by himself in a four-bedroom home that he bought for $923,500 in 2000, in a genteel area of Berkeley, California. After 45 years in the business of building low-income housing, he’s semi-retired and quietly prosperous thanks to some sound investments. Yet every year, Rubenzahl, 71, can count on a generous tax break that mostly only goes to wealthier homeowners, reducing the tax he owes by thousands of dollars.

How does he feel about it? “Terrible,” he said.

 

SATURDAY. DECEMBER 02, 2017. 8:30 P.M. [GMT]

 

 

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