Donate Button
Follow us...

PERSPECTIVES

This is where we offer some of our thoughts and perspectives to you. We won't promise they're better than anyone else's. Or even right. But we'll at least provide interesting ways of looking at things.

Combined with the information we provide in the other parts of this site, we hope to encourage interesting and meaningful conversations about things that affect you.

WE NEED YOUR HELP

If this article helped your understanding, please consider a small donation to help us keep doing this.

It costs money to publish News in FiVe, and contributions are our only source of funding.

Even a dollar or three every so often makes a difference.

In return, we'll keep providing you the most relevant, understandable, and accessible news and information.

It's secure and takes only about a minute.

Thanks!

Click here to contribute

If only they used their power for good, instead of evil

Date: 2017-Dec-29           Author: Others

The intent of Congress' budget reconciliation process is to pass budget bills that are fiscally responsible. One requirement is that any bill passed using this process does not result in increased deficits after the bill is set to expire (usually in 10 years).

But the tax law passed in 2017 by Republicans included a 40 percent reduction of the highest corporate tax rate - resulting in projected $1.5 trillion deficit in 10 years.

To balance that out, Republicans added provisions to increase taxes on individuals after seven years and reduce spending on Obamacare - by allowing people who normally would receive a government subsidy to decline to purchase insurance.

These are not responsible budget provisions - but rather just tricks to allow the corporate tax cut to be permanent. And they provide no benefit to the overwhelming majority of Americans - the people whose interests these Republicans supposedly were elected to represent.

This editorial by Jonathan Chait explains their strategy, and how it can be exploited for results that help the overwhelming majority of Americans rather than harm them.

                   Tell us if we goofed                                                  Copyright