How to Rig an Economy
THE NEW REPUBLICAN TAX CODE IS NOT THE RESULT OF SOME WELL-CONSIDERED ECONOMIC PHILOSOPHY. IT IS A PAYOFF TO THE DONOR CLASS
There are so many things wrong with what Congressional Republicans have done to our tax code, but the fundamental problem, the original sin at the heart of the New Republican Tax Code, is that it’s all based on a lie.
They didn’t pass this bill because of some economic philosophy, because they believed it will somehow create so much economic growth that everyone in the country will be better off. Not even close.
They passed their new tax code for one reason and one reason only: as a payoff to the donor class that’s going to be paid for by America’s middle class.
They’re not even trying to hide it.
Republican Senator Lindsey Graham said if they didn’t pass the tax cuts, the “financial contributions will stop.” Republican Congressman Chris Collins said a donor told him to “get it done or don’t ever call me again.” Steven Law (who runs a Republican Super PAC) said donors would be “mortified” if they didn’t pass the tax bill.
If that’s not enough evidence for you, just follow the money. Days after the new tax code passed, House Speaker Paul Ryan got a check for $500,000 from the Koch Brothers, major GOP donors. The Kochs pledged an additional $20 million to “sell” the new tax code to voters. Guess how much the Koch brothers alone are getting from the new tax code? Around $1 billion. Casino owner Sheldon Adelson gave $30 million in political contributions to Republicans, and the new Republican tax code gave his company a $670 million tax cut.
But it’s not just the donors who are pleased. More than 50 GOP lawmakers got an average of $200,000 in tax cuts each because of a brand new loophole they wrote into the tax bill at the last minute. In fact, the day the House passed the new Republican tax code, Republican Congressman Vern Buchanan from Florida bought himself a yacht.
Republican politicians have given their rich political donors the ability to stand at the drawing board and map out an economy that works for them. Not an economy that “works,” but one that works “for them.” Republican politicians sold out their country for campaign contributions – there is no other way to interpret it – and the middle class is going to pay for it.