Unfortunately, it seems impossible to go a day without hearing about President Donald Trump’s latest ridiculous claim on Twitter. Case in point: today Trump claimed the only people opposed to the Republican tax bill are the ones who “don’t understand it.”
The bill Trump referred to in his tweet was introduced by Republicans and would decrease the tax rate for corporations from 35 percent to 20 percent. The Senate voted on November 29th to begin debate over the bill. It has already passed through the House of Representatives and the Senate Budget Committee.
But Trump’s argument that the bill’s critics just don’t “understand” is straight-up wrong.
A University of Chicago survey found that only one of 38 economists believes that the tax bill will result in economic gain. And all of them agree that the bill will increase our national debt — by about $1.4 trillion in the next 10 years. The bill would also dramatically increase the taxes paid by people making $40,000-$50,000, while decreasing taxes for those who make more than $1 million.
The bill could also have a negative impact on students.
Under the new tax plan, graduate students who receive tuition waivers would have the value of their tuition added to their taxable income. They would be paying tax on money they never earned. The current version of the bill being debated in the Senate does not include this, but the House bill did, so there’s still the danger that if both are passed this provision could become law.
And health care could be impacted, too.
Republicans are trying to include a provision in the bill to remove part of Obamacare. This provision would make the purchase of health insurance optional, which experts say could cause the prices of health care to rise.
Basically, despite what Trump tweeted, lots of people who understand the tax bill don’t like it. And they have many (nonpartisan) reasons.
Maybe we should be taking a closer look at those in favor of the reforms. After all, Trump himself would benefit from this tax plan. It’s important that we stay informed as citizens, and that we do our best to fight for laws that benefit us all — not just the wealthy.