This text was sent via Senate email contact forms, first to GOP Senator Todd Young, then to Democratic Senator Joe Donnelly. The text sent to the Senators included the entire text of the Forbes article, here I have included a couple of salient paragraphs. The entire article should be required reading for every member of the GOP.
This is email just sent via Senate Web site contact form to Todd Young.
This copy is for Joe Donnelly.
Joe needs to understand if he votes for this tax bill, I will vote for whoever his opponent inthe primary is.
Every Democrat in Congress should be voting to stop the GOP and Trump’s agenda, which is destroying this nation.
Corporations in America already pay only 7.5% average taxes. they do not need a tax break.
The super wealthy and corporations do NOT invest their new tax cuts in jobs, trickle down theory is dead, a new survey of 42 major economists found all in agreement this bill will balloon the deficit, not create jobs, and only one found anything to approve in it.
Tax cuts for the super rich and corporations are permanent, the few sops to middle class are not.
Fifty percent of the population will see their tax bills rise by thousands of dollars over next few years.
The GOP has screamed for years about rising deficit The deficit WENT DOWN under Obama. Now the GOP will add 1.5 trillion dollars.
All to reward their donor class, the super rich and the corporations.
The GOP has become a crime cartel, robbing from the poor to pay the rich, their owners.
Forbes magazine, a bastion of economic knowledge and insight, just published the following piece which all GOP members of Congress should be required to read:
GOP Tax Bill Is The End Of All Economic Sanity In Washington
Stan Collender , Contributor
Opinions expressed by Forbes Contributors are their own.
the GOP tax cut now working its way through Congress will be the start of a decades-long economic policy disaster unlike any other that has occurred in American history.
The GOP’s insanity is compounded by its moving ahead without having any idea of what this policy will actually do to the economy.
No doubt many of you read the above headline and immediately started to tweet that the GOP tax bill can’t be the end of economic sanity in Washington because there never was any to begin with.
I have two responses.
First…please do tweet that, and link to this post when you do.
Second…you’re wrong. If it’s enacted, the GOP tax cut now working its way through Congress will be the start of a decades-long economic policy disaster unlike any other that has occurred in American history.
There’s no economic justification whatsoever for a tax cut at this time. U.S. GDP is growing, unemployment is close to 4 percent (below what is commonly considered “full employment”), corporate profits are at record levels and stock markets are soaring. It makes no sense to add any federal government-induced stimulus to all this private sector-caused economic activity, let alone a tax cut as big as this one.
This is actually the ideal time for Washington to be doing the opposite. But by damning the economic torpedoes and moving full-speed ahead, House and Senate Republicans and the Trump White House are setting up the U.S. for the modern-day analog of the inflation-producing guns-and-butter economic policy of the Vietnam era. The GOP tax bill will increase the federal deficit by $2 trillion or more over the next decade (the official estimates of $1.5 trillion hide the real amount with a witches brew of gimmicks and outright lies) that, unless all the rules have changed, is virtually certain to result in inflation and much higher interest rates than would otherwise occur.
The GOP’s insanity is compounded by its moving ahead without having any idea of what this policy will actually do to the economy. The debates in the Ways and Means and Senate Finance Committees and on the House floor all took place before the Congressional Budget Office’s analysis and, if it really exists, the constantly-promised-but-never-seen report from the Treasury on the economics of this tax bill.
Meanwhile, Congress has ignored other estimates like this one from the University of Pennsylvania’s Wharton School showing that the tax bill won’t do what the GOP is promising.
In other words, if the GOP tax bill is enacted, Congress and the president this year will give up almost all ability to deal with the U.S. economy for at least a decade even when, as almost certainly will happen, there’s a downturn. No one else will be able to fulfill this role.
That’s almost a textbook definition of economic insanity.