News Today: Here Are 6 Times Republicans Told the Truth About Their Disastrous Tax Cuts

The legislation was never intended to help working class people.

Congressional Republicans are panicking because their signature legislative accomplishment — the tax cut bill they jammed through the legislature late last year — isn’t even very impressive to many of their own voters.

As Seth Hanlon of the Center for American Progress documents on Twitter, Republicans seem to know that their tax cut is a bust with voters — and they’ve even admitted as such on a handful of occasions.

Here are six times, per Hanlon, that Republicans have accidentally told the ugly truth about their tax cuts.

1.) Marco Rubio admits the corporate tax cut isn’t “trickling down” to workers. In an interview with the Economist this week, Rubio said that much of the windfall from the corporate tax cuts has gone to share buybacks — with comparatively little set aside for workers.

2.) Former Trump HHS Secretary Tom Price admits the tax cuts will lead to a spike in Americans’ insurance premiums. In particular, Price singles out the repeal of the Affordable Care Act’s individual insurance mandate as a major driver behind coming premium hikes.

3.) Rep. Chris Collins (R-NY) and Sen. Lindsey Graham (R-SC) admit that cutting taxes last year was the only way to prevent a revolt of wealthy donors. “My donors are basically saying, ‘Get it done or don’t ever call me again,'” Collins admitted last year. Similarly, Graham said that “the financial contributions will stop” if the GOP failed to pass its tax cuts.

4.) Rep. Mark Sanford (R-SC) admits that the tax cuts are primarily targeted toward corporate America — and says that middle-class American families are not the prime beneficiaries. “Fundamentally the bill has been mislabeled,” Sanford admitted to the Washington Post. “From a truth in advertising standpoint, it would have been a lot simpler if we just acknowledged really on this bill, which is it’s fundamentally a corporate tax reduction and restructuring bill, period.”

5.) Trump budget director Mick Mulvaney admits that the tax cut won’t pay for itself — and instead will boost national debt by nearly $2 trillion. Even though Republicans have long said that tax cuts pay for themselves by generating higher economic growth — and thus higher revenues for the government — Mulvaney acknowledged to Congress this year that the administration’s lowered its revenue projections by $1.8 trillion over the next ten years due solely to the effects of the tax cut.

6.) Trump economic adviser Stephen Moore proudly says that the tax bill is really an attack on blue states that didn’t vote for the president. “They go after state and local taxes, which weakens public employee unions,” Moore crowed last year. “And getting rid of the mandate is to eventually dismantle Obamacare.”

Believe it or not, Hanlon has even more examples of Republicans admitting the ugly truth about their tax cuts — check them out at this link.

 

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News Today: Here Are 6 Times Republicans Told the Truth About Their Disastrous Tax Cuts