By Matt Underwood GOP megabills, it seems, have become notorious for being massive packages of legislation, and this one is no different. The whole thing is pretty much a massive redistribution of wealth, and it’s really difficult to see it benefiting everyday Americans in any significant way. It’s more like a carefully constructed plan to shift money upwards and bolster certain political agendas.
The heart of this bill lies in its staggering tax cuts, totaling trillions of dollars. The most concerning part is that Republicans are aiming to make the 2017 tax cuts – the ones that primarily lined the pockets of the wealthy and big businesses – permanent. Think about the impact: massive revenue loss, yet the benefits overwhelmingly favor those already at the top. Any potential benefits that could trickle down to the working class, such as modest increases in standard deductions, are temporary, while the more generous breaks for the rich stick around forever. This means a huge chunk of the bill’s benefits go straight to corporations and wealthy individuals.
Of course, to even attempt to pay for these cuts, the bill carves out some real damage elsewhere. Clean energy tax credits, and critical climate initiatives, are slated for repeal, and the estate and gift tax exemption gets a massive boost, further solidifying wealth for the very wealthy. The long-term fiscal implications are alarming. It’s estimated that the bill will slash federal tax revenue by over $4 trillion, adding more than $3 trillion to the national debt and a staggering $5 trillion to the debt ceiling.
Then you get into the corporate giveaways, and the bill is basically overflowing with them. There’s a whole host of tax breaks and incentives tailor-made for corporations and the ultra-rich, all under the guise of “trickle-down” economics. The concern is that these policies, costing hundreds of billions, lack the necessary oversight and transparency to guarantee that the benefits will ever reach the workers and communities they’re supposedly designed to help.
When it comes to healthcare and food assistance, the bill’s a mess. The responsibility for funding programs like SNAP is being pushed onto the states, with imposed work requirements for those seeking food assistance. Medicaid is facing over a trillion dollars in reduced spending, introducing stringent new eligibility requirements. And there’s more: cuts to Medicare Advantage plans, and community health programs. The implications are huge, potentially leading to increased premiums, reduced benefits for seniors, and more difficult access to essential care.
The veterans aren’t safe either. The bill plans layoffs and cuts to the VA and the Toxic Exposure Fund, which provides crucial healthcare for veterans exposed to toxic substances. There’s even a ban on abortion services at VA facilities. Medical research suffers too, with reductions to NIH funding that could impede progress on critical areas like Alzheimer’s and cancer research. It also cuts funds for community-based behavioral health and opioid treatment programs.
Planned Parenthood is in the crosshairs as well, losing its Medicaid funding. This could directly restrict access to life-saving services, cancer screenings, and birth control for millions of women. And it doesn’t stop there, new taxes and restrictions are being imposed on non-profits and charities.
On the immigration front, the bill is tough. It allocates a massive $150 billion for deportation and immigration enforcement, with a huge increase for detention centers. There’s funding for Trump’s border wall, increased numbers of ICE and border patrol agents, and new surveillance technology. The bill even slaps a $1,000 fee on migrants seeking asylum, which seems incredibly harsh considering the situation.
The education system gets a hit, as the bill overhauls the student loan program and makes it harder to get a break on repayments. Pell Grants face eligibility restrictions. There is also a tax increase on University endowments. And let’s not forget, public lands are being opened up for more drilling, mining, and logging, with fewer fees and a loosening of environmental regulations.
It’s clear who really benefits from this, and who will be left holding the bag. The top 10% of earners are expected to get the lion’s share of the benefits, while the bottom 20% are estimated to lose almost $900 per year. The economy is likely to suffer, with average wages expected to fall, and GDP predicted to shrink over time.
What really gets you, however, is that the savings from cutting all these other programs are used to extend tax cuts and other policies a majority of Americans oppose, instead of reducing the deficit. This creates an illusion of responsible budgeting, when in reality, it’s about prioritizing political goals over the needs of the people. And, as if the main parts of the bill weren’t bad enough, there are special tax breaks snuck in, and you can bet they’re designed to favor specific industries or donors.
The whole thing is almost like a designed demolition of what’s good, and what works for the sake of power and wealth. The impact of this bill could be devastating to millions of Americans.