It is difficult to understate the impact upon the future of our country of the Republican tax bill proposals that have been passed by the House and Senate and await a reconciliation between the two versions for a final vote by both.
The most complex piece of tax legislation to be enacted in more than 30 years was devised and voted upon with little or no debate and in the middle of the night (after midnight, actually) in the Senate, with cross-outs and extended, hand-written notes in the margins such that no Senator really knows what he or she voted upon.
However, what is clear is that the tax bill will raise taxes on the middle class — some substantially so (especially here in Massachusetts) — and all but destroy the Affordable Care Act, while giving huge benefits to the ultra-rich in countless ways.
One of the most outrageous giveaways to the ultra-rich is that they can deduct the cost of maintenance of their private jets. Wouldn’t we all like to do that for our cars, the preferred mode of transportation for the rest of us?
In addition, this tax giveaway by the supposedly deficit-hawk, fiscally-conservative Republicans will be increasing the deficit by at least $1 trillion over the next 10 years, and most likely more than that.
All in all, this represents America’s move toward a real-life Hunger Games, in which most Americans barely will be able to scrape by with little or no prospect for economic mobility.
The American Century has been turned on its head — and we never will be the same again.