Jason Lewis voted for HR1 and against our values.
We oppose this irresponsible increase in the national debt. It will not lead to significant job creation or real economic growth. It will benefit the wealthiest and increase corporate influence in our political system.
There will be another vote on a final tax bill after a House-Senate “conference committee” aligns the House and Senate versions.
Regardless of the final details, we know enough to reject the core aspects of the plan. We will update these points as more information becomes available on the final bill.
Contact Jason Lewis with any or all of these points:
- This is an irresponsible increase in the federal deficit. The CBO projects this tax cut will add $1.7 trillion to the deficit over 10 years. By then, federal debt will be more than 91% of GDP. The national debt is 77% of of the economy, up from 35% in 2007.
- The tax cut will not create jobs or real economic growth. The economy is near full employment, so deficit spending will be inflationary and lead to rising interest rates.
- The U.S. economy is performing well. Trump’s sales pitch for higher growth is based on economic ignorance. As a mature economy, the Federal Reserve estimates maximum sustainable economic growth of 1.8%.
- Corporate tax cuts benefit the wealthy and add to corporate political influence. It will not create jobs. Corporate tax cuts are the biggest contributor to the projected federal deficit. Nothing in the tax law requires corporations to invest and create jobs for ordinary Americans. Instead, corporate tax cuts can flow to the wealthy via increased dividends and stock prices, or be used to influence future elections, increasing the corporate voice and political inequality.
- Equitable economic growth matters. Over the last 30 years, the wealthiest have seen their real incomes rise, while ordinary Americans have not shared in that growth. We need a tax system that addresses these inequities. We oppose changes to tax burdens that worsen inequality.
Partisans favoring this bill will want to ignore “economics 101” when they provide optimistic forecasts of economic growth, job creation and deficits. They will ask you to ignore credible nonpartisan information.
Be skeptical of this law that benefits the wealthiest and asks us to gamble on failed “trickle-down economics”.
In addition, HR 1 can threaten our values via the hidden “details”. For example, we are concerned about cuts to the EPA, the State Department, items that affect health care, or a repeal of the “Johnson Amendment” that preserves a healthy separation of church and state. We will these highlight special focus issues where we can.
To stay in touch with this fast moving bill, we recommend these sources: