Whither the president’s ‘Big Beautiful Bill’

Senate Republicans are currently considering this domestic policy (tax) bill recently approved by the House of Representatives with just a single vote margin. This suggests that the bill will undergo much scrutiny and perhaps some significant changes before being finalized and coordinated with the House version for a final vote. Here is where it’s at so far.

The legislation would slash taxes, providing by far the biggest saving to the wealthy;a current estimate is that more than forty percent of the personal income tax reduction will go to the top one percent of incomes. This tax cut is estimated to cost the government more than $4 trillion over ten years, a staggering amount that is being offset by cuts to various other programs for less affluent taxpayers.

The bill would also steer more money to the military and immigration enforcement while cutting health care, nutrition, education and clean energy programs to cover part of the cost of tax cuts. In addition there are several other measures that President Trump campaigned on such as “no tax” on tips and overtime pay and an increase to the standard deduction for Americans 65 years or older. These are all uncertain to pass because of conservative objections.

Businesses would receive several tax cuts including valuable deductions for research and spending.

The bill would also hike taxes on universities with a tax on the investment income that their endowments earn which would rise substantially, from 1.4 per cent to as high as 21 percent.

The cap on state and local tax deductions in the House bill has been raised from $10,000. to $40,000.

In a complex array of revisions, the regulations regarding Medicaid, the insurance program primarily for the poor and disabled population has been revised to reduce the cost to the Federal government by shifting much of the costs to states.The Congressional Budget Office has estimated that pushing these costs to the states will likely cause 16 million people to lose their healthcare and endanger rural hospitals. The Senate is currently investigating other possible health care cuts in Medicare, Obamacare and several other programs.

Like President Trump himself, the House bill is unfriendly to the environment. The bill would quickly end most of the big tax credits for clean energy contained in the Inflation Reduction Act of 2022.Many of those incentives were expected to last a decade.Tax credits for low emissions electricity sources like wind would be available in full only to power plants in service before the end of 2028.

Although Republican members of Congress have, at President Trump’s insistence, been trying to cancel most of the environmental provisions from Biden’s Inflation Reduction Act as well, as it happens more than three quarters of the environmental projects being funded are in the districts of Republican representatives and are not easy for those lawmakers to vote against.

It’s too early to know what effect the fallout between Trump and Elon Musk might have on the final budget.Trump’s insistence on cancelling subsidies for electric vehicles (including Teslas) will hurt both Musk and the environment and may weaken Trump’s hold over Republican senators and members of Congress, allowing some of the few who are unhappy with the current bill to vote against it.But who knows?

A number of conservative Republican senators have threatened not to support the ‘“big beautiful bill” unless enough additional cuts are made so as to not increase the overall national debt but at this point there is little left that might be cut without triggering massive objections over most all of the possible sacrifices. And fewpossible cuts offer enough to get even close to a balanced budget.

Despite the pleas of many Democrats thus far, not a single Republican except for Senator Josh Hawley has said publicly that he was against enormous tax cuts for the very rich.

But this giveaway together with major cuts to programs like Medicaid for ordinary citizens, if enacted, will worsen the ever widening income gap between rich and poor.

According to Evan Osnos in his new book, “The Haves and Have Yaghts,” un 1978, “the top .01 percent of Americans owned about 7 percent of the nation’s wealth; today, according to the World Inequality Database, it owns 18 percent.”

Is this what our country needs?

Architect and landscape designer Mac Gordon lives in Lakeville.

The views expressed here are not necessarily those of The Lakeville Journal and The Journal does not support or oppose candidates for public office.

Latest News

Busking in the Berkshires
Brent McCoy of Secret Circus Show at Berkshire Busk!
Roman Iwasiwka

While playing outside in the early post-pandemic days, Berkshire Busk! founder Eugene Carr had an epiphany: why not expand the idea of performing on the street (aka busking)into a full-fledged festival in Great Barrington?

As an entrepreneur and cellist, Carr envisioned a well-organized jamboree featuring regional talent, including musicians, acrobats, storytellers, fire-eaters, and more. He formed a team, connected with local businesses and the town of Great Barrington, and launched Berkshire Busk! in 2021. Since then, Berkshire Busk! has grown into a summer staple for Great Barrington.

Keep ReadingShow less
'Sylvia' brings heart, humor and one unforgettable dog to Sharon Playhouse stage
Jonathan Walker as “Greg” and Jen Cody as “Sylvia”in rehearsal at The Sharon Playhouse.
Aly Morrissey

What if the dog onstage was played by a person? That’s the delightful twist in A.R. Gurney’s “Sylvia,” opening at the Sharon Playhouse on Aug. 29. In this clever and heartfelt comedy, the title character — a stray pup who disrupts the lives of a married couple — is portrayed not in costume but by an actor who brings insight, charm, and chaos to the role.

Stepping into Sylvia’s paws is Jen Cody, who is returning to the Sharon Playhouse in a starring role for her third year in a row, ready to bring this spirited dog to life. She’s joined by Jonathan Walker as Greg, the middle-aged man smitten with his new four-legged friend, and Jennifer Van Dyck as Kate, his wife, whose patience and identity are tested by Sylvia’s sudden presence in their home.

Keep ReadingShow less
Labor Day weekend art, design and local finds

Paul Chaleff’s exhibit at Mad Rose Gallery in Millerton.

Provided

The unofficial end of summer is here, and while some of us may mourn the shortening days and cooler nights, the culturally-inclined denizens of the Litchfield Hills, Berkshires and Taconics have plenty to look forward to.

During Labor Day weekend, visit one of the offerings below, and maybe even take home a watercolor, rug, or locally-crafted wooden bowl to ready your home for the indoor season ahead.

Keep ReadingShow less