Unsurprisingly, the Republican tax plan will mostly only benefit corporations and the wealthiest Americans, with barely any benefit to the middle or lower classes. To that end, America’s eighth richest citizen and former New York City Mayor, Michael Bloomberg, has penned a highly critical op-ed about the tax bill for his own Bloomberg News website. Bloomberg, a social progressive but fiscal conservative, believes “the tax bill is an economically indefensible blunder that will harm our future.
In his op-ed, Bloomberg discusses the utter ridiculousness of the Republican belief that tax breaks for corporations will lead to higher wages. He says this belief is “pure fantasy“. Bloomberg also feels that, had lawmakers listened to economic experts, they’d see the error of their beliefs.
Bloomberg goes on to accuse Republicans of putting politics before common sense in regards to their tax bill. Since President Donald Trump took office, Congress has accomplished nothing. So lawmakers, in an effort not to be thought of as “the do-nothing, inept bunch that they are“, pushed through this horrible tax bill. The only possible bright side to this, is that once the tax bill is proven to be a failure, Americans will remember that it was the Republican Party who pushed the bill through.
The only thing this bill will accomplish is handing corporations giant tax cuts they don’t need and lowering the tax rate paid the wealthiest Americans. Bloomberg’s assessment is brutal.
In effect, the tax bill achieves four main things:
- It takes money away from schools and students.
- It restricts our ability to invest in infrastructure.
- It does nothing to boost real wages while making health insurance more expensive.
- It makes it harder to control the costs of Medicare and Social Security without cutting defense and other spending — or further exploding the deficit.
The bill will have a negative impact on income inequality, infrastructure, public education, and the deficit, according to Bloomberg. The Republicans haven’t even considered the cost of the tax bill. It is estimated to cost between $1 trillion to $1.5 trillion, and they have “kicked that can down the road”.
Michael Bloomberg is a businessman and a politician with an estimated net worth of $56 billion, and even he thinks the Republican tax plan is a bad idea. But lawmakers didn’t listen to economic or tax experts, and it’s unlikely they’ll listen to him.