Republicans' tax bill is generational theft

[Yo_Mama_Been_Loggin]

By Ronald Brownstein / Bloomberg Opinion

The highest price for President Trump’s second-term plans will be paid by those who are not yet born.

Yes, it’s true that today’s lower- and middle-income families will shoulder a large share of the cost; and that’s what’s getting most of the attention as Republicans push through the One Big Beautiful Bill Act, a budget reconciliation plan that, for all Trump’s populist rhetoric, pursues a mostly conventional Republican approach. It offers a tax policy that rewards the affluent far more than working- or middle-class families and targets substantial spending reductions at programs that mostly benefit blue-collar households.

The respected budget model devised by the Wharton School at the University of Pennsylvania forecasts that the combined result after about a decade will be to reduce incomes for families in the bottom 60 percent of the income distribution, while showering the top 0.1 percent with more than $100,000 in annual benefits. (That calculation doesn’t even include the distributional impact of Trump’s potential tariffs, which would deepen the imbalance.)

But the generational implications are even larger. In Trump’s plan, “what you see clearly is a redistribution from the poor to the rich and from the unborn to [those] currently alive,” says Felix Reichling, a senior economist for the Penn/Wharton budget model.

https://www.heraldnet.com/opinion/comment-republicans-tax-bill-is-generational-theft/

[markodochartaigh]

1. Wait until the Republicans tank Social Security.

Millions of seniors will be forced to sell their homes into a market rapidly spiraling downward in order to get money for their living expenses. Seniors will lose their homes, for the working class often our only major asset, and the next generation will lose their inheritance.