Are you watching the tax bill get rushed through? We sure are. Our president, Ms. Ryan Alexander had the following statement:
The first page of the Tax Cuts and Jobs Act should come with “Now With More Gimmicks!” stamped across it. Lawmakers have sacrificed the opportunity to have comprehensive tax reform on the altar of deficit bulging tax cuts. The legislation relies on specious offsets and timing tricks to get under the $1.5 trillion limit imposed by reconciliation – at least on paper.
In reality we know this bill will be much more costly. The individual cuts expire early to hide their cost and force future lawmakers to extend them. Hundreds of billions of dollars in one-time revenue from repatriating trillions of dollars parked overseas are being used for permanent rate reductions. The bill is a petridish to grow future tax extender provisions that target special interests. The rushed process and multiple timing gimmicks guarantees that Congress will have to revisit the bill to make “technical corrections,” and in all likelihood extend the expiring provisions.
With the news that many skeptical Senators have signaled support, the bill is likely to become law before year’s end. The bottom line is that the country’s $20 trillion debt is more than 100 percent of GDP and this bill will at least another trillion dollars to that debt.
This is one Christmas gift the country does not need.
We will continue to watch, and call out the problems with this bill.