The US Senate tax bill: The financial oligarchy on the rampage

(The bill passed last night.)

from WSWS

Republican Senate Majority Leader Mitch McConnell announced Friday afternoon that he had the necessary 50 votes to pass the tax cut for the wealthy and giant corporations through the Senate. Voting on a series of amendments by Democrats, all rejected on 52-48 party-line votes, will likely culminate in final passage of the measure Friday night or early Saturday morning.

The undemocratic process by which the tax cut bill has been pushed through the House and Senate testifies to its reactionary and socially criminal character. There have been no public hearings, no witness testimony, no submissions from economists or tax experts about the impact of the massive changes proposed in the federal tax code.

As late as 4:15 p.m., as debate continued on amendments to the bill, the actual text of the legislation was not available to senators preparing to vote on it, let alone the American people. Handwritten pages were being pasted into the bill after they had been reviewed and approved by corporate lobbyists. Entire chapters accounting for hundreds of billions of dollars in revenue were being rewritten behind closed doors to satisfy the demands of the last few Republican holdouts.

For Senator Lisa Murkowski of Alaska, who voted against Obamacare repeal, the price of her vote was incorporating into the tax bill an unrelated provision opening the Alaska National Wildlife Refuge for oil and gas exploration. For Ron Johnson of Wisconsin and Steve Daines of Montana, the price was another $60 billion in tax breaks for “S-corporations,” the mid-sized, multi-million-dollar enterprises that were treated less advantageously in the original bill than giant corporations. The families of both senators own such companies. Senator Susan Collins of Maine extracted a promise from Trump to support increased financial subsidies for big insurance companies participating in Obamacare.

Democratic senators made demagogic statements during the floor debate, denouncing the legislation as a handout to the wealthy and big business. The pretense of concern for the impact on working people is completely bogus, but the outrage on the part of the Democrats is real: they are angry that they have been cut out of the lucrative deal-making. The White House and the Senate Republican leadership decided to push the tax cut through under a procedure known as “reconciliation,” which requires only 50 votes and avoids the threat of a filibuster, depriving the Democrats of any input on the legislation. All previous tax cut bills have been bipartisan affairs, in which the two capitalist parties worked together to deliver the goods to their favored corporate interests…

[read more here]

4 Responses

  1. Why you fucking worry what the Trotsky newspaper has to say enough of this fucking leftist or real leftist bullshit get the fucking life

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