Stinkbomb

As of this writing, it appears the Senate's version of the GOP tax revision proposal will pass (details here). That means the House and the Senate will probably cobble together a revised bill in conference that Donald Trump will sign.

Republicans and certainly Trump will crow about how this is a great victory for the middle class. That is a red-letter lie. This will be a windfall for the rich, a shafting for much of the middle class, and an extra kick in the balls to people making less than $75,000 a year.

Be prepared to pay for this garbage for decades to come. Taxpayers like you and me are still paying for Ronald Reagan's tax cuts that went primarily to the wealthy and George W. Bush's tax cuts that went primarily to the wealthy.

Neither of those two Presidents, however, stood up and lied to the American people about how their legislation was a middle class tax cut that wouldn't help the rich.

Republicans continue to believe the fantasy that cutting taxes for the wealthy will stimulate economic growth that will benefit everyone, particularly the middle class. This is a fairy tale.

Widening income inequality over the last four decades is proof that this is bullshit. The rich get richer, and everyone below them ends up with less over time. Your salary may go up a little bit but that's not as much as the increase in the price of living.

John Harwood at NBC/CNBC published a great item on Friday (link here) about the fantasy that the increase in debt caused by tax cuts is paid for by growth. That theory was proven wrong after the Reagan tax cuts, after the Bush tax cuts, and will be once again after these latest cuts.

Millionaires and billionaires will make out like bandits with this legislation. The rest of us will be footing the bill for decades and possibly the remainder of our lives.

It's worth noting that, earlier this week, Trump continued to tell the lie that the tax measure would hurt him. The reality is that Trump will save millions because of this bill (link here).

This legislation was built on a foundation of lies, deceit, and wishful thinking. Hopefully voters will fully realize this before the 2018 elections and stop the Trump/GOP rape of the American middle class.