Helena – On Tax Day, we’re reminded that all of the GOP Senate candidates support the disastrous tax scam that will significantly increase our federal debt, with a new analysis from the nonpartisan Congressional Budget Office (CBO) finding that the federal deficit will reach $804 billion this fiscal year – a 21 percent spike from the previous fiscal year. CBO also found that the tax scam will contribute to a federal deficit of more than $1 trillion by 2020.
While wealthy East Coast developer Matt Rosendale, Californian Troy Downing, and ethically challenged Russell Fagg have all attempted to criticize federal debt, their support for this law is an endorsement of piling onto our debt, giving the ultra wealthy and big corporations a tax cut – all while tens of thousands of hardworking Montanans will see increased taxes.
As rich shareholders and executives use “much of the money” from the new law to buy back their own shares, and the top 1 percent of wealthiest Montanans and corporations are handed even more tax cuts, 46,000 Montanans will be kicked off their health insurance because of the tax bill.
Paying lip service to reducing the deficit is one thing; supporting this tax scam is the complete opposite and is wrong for Montana.
More bad news on the tax scam:
- New York Times: Trump’s Tax Cuts in Hand, Companies Spend More on Themselves Than on Wages
- Politico: ‘This is not normal’: Glitches mar new tax law
- Great Falls Tribune: Federal tax reform hurts Montana agriculture cooperative
- Bozeman Daily Chronicle: Tax bill a bad deal for working Montanans
- YPR: Blue And Red States Concerned About New Tax Law
- Wall Street Journal: Private Equity Expected to Benefit From Tax Overhaul
- New York Times: Banks Are Big Winners From Tax Cut
- International Business Times: Koch Brothers Could Be $1 Billion Richer Each Year From GOP Tax Bill
- USA Today: Drug companies get tax windfall, but they’re not reducing prescription prices
- Axios: Tax cuts will save health care companies billions – but not patients
- Business Insider: Americans still hate the new GOP tax law — and Republicans should be nervous
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