Deja vu all over again. A horrific bill that will drive ruinous spending cuts to vital domestic programs (including the ACA) has passed the House -- and needs just 50 votes in the Senate. The Republican tax cut bill showers bounty on the wealthiest while blowing a $1.5 trillion hole in the budget -- and crippling Obamacare for good measure.
The tax bill:
- raises taxes on every income group up through $50,000-75,000 by 2027, while making a huge corporate tax cut permanent.
- repeals the ACA individual mandate, which will reduce the ranks of the insured by 13 million according to projections by the Congressional Budget Office.
- triggers about $150 billion dollars per year in mandatory spending cuts, including a $25 billion cut to Medicare in the first year, according to CBO.
- will lead to other massive spending cuts to vital domestic programs, per Paul Ryan's promise.
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