On today’s show, Glenn was blunt in his criticism of the $1.5 trillion tax cut plan that Republicans passed in the House on Thursday.
While the tax cuts included in the bill make it “better than what we have now,” the plan is only a marginal improvement in many cases.
“What was deemed the largest tax code overhaul in decades is, in reality, a tax plan that will be negated by inflation in 10 to 15 years,” Glenn said. “This is not an age-defining bill.”
EDITOR'S NOTE: This article provided courtesy of TheBlaze.
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This is a rush transcript and may contain errors.
GLENN: Well, here comes the flash headline. The largest tax code overhaul since the 1980s passed through the House yesterday. Man, that sounds flashy. It sounds exciting. Doesn’t it?
But it’s really not true. Not really a lot to be excited about. The real work on this plan goes down in the Senate. And probably the most interesting thing about this tax plan doesn’t even have anything to do with tax reform. So let’s get real here. This is still all about health care. We’re just calling it something else. First, the tax numbers, after the Senate gets done revising the thing, individual tax cuts will be about $3.7 trillion.
But it will also raise revenue by 2.8 trillion. When we say raise revenue, what we mean is new taxes.
The Senate’s version is a marked improvement over the House’s. They improved it by increasing the child tax credit from $1,000 a child to 2,000. But they are also — and is this the big one — repealing the Obama individual mandate.
The war on Obamacare hasn’t ended. It’s just been repackaged as tax reform. What was deemed the largest tax code overhaul in decades is in reality a tax plan that will be negated by inflation in one — in ten to 15 years.
This is not an age-defining bill. This is not the Reagan revolution here. The tax cuts make it better than what we have now. But in some cases, by, you know, .5 percent.
It’s nothing earth-shattering here. The only age defining issue out there is health care. And this bill could be the first salvo in HEP scuddling Obamacare for good. But notice, I just used the word “could.” A couple of days ago, it was announced that the Alexander Marie Insurance Company bailout would likely be included in this spending bill.
Wait. Wait. Wait a minute. A bailout for an insurance company?
This would basically negate the ultimate goal of repealing the individual mandate. And that ultimate goal is to cause Obamacare to fail. Right?
The Alexander Murray bailout ensures that insurance companies and hospitals can continue their — their cartel. Costs and premiums will remain high. Monthly premiums are now up to $2,100. And they’re rising. Those costs alone completely wipe out your child tax credit.
A message to the Senate: If your goal is to try to scuddle HEP Obamacare, what good is repealing the individual mandate if you wind up bailing out all of the insurance companies?
If you skimped on tax cuts to finally put a nail in the coffin of Obamacare, you better be prepared to go all the way. Stop the Alexander Murray Obamacare payments, or all of this is nothing more than a game and a show.