MICHAEL DOBSON-TALKING FLORIDA POLITICS BLOG We Know Florida Politics

8Dec/170

Yvonne Hayes Hinson: Restructuring the tax code should be a bi-partisan effort with precision and consideration for vital programs

Yvonne

by Yvonne Hayes Hinson, Florida Candidate for U.S House of Representatives, Dist 3

The current federal administration has us all gripped with apprehension over the
Tax Cut and Jobs Act. According to the Congressional Budget Office (CBO), the
effects of the new tax cut legislation would raise the deficit by an estimated $1.5
trillion dollars over the next ten years. The statutory Pay-As-You-Go Act
(PAYGO) requires new laws be deficit neutral. The Office of Management and
Budget (OMB) is required to maintain PAYGO scorecards – without budget
balances in place; OMB would decide where to cut or to sequester funds.
That score card has certain restrictions:
1. PAYGO law limits reductions to Medicare to $25 billion for a given year.
That’s an extremely hard jolt to Medicare recipients. This is perhaps just
one of many unintended consequences.
2. The law limits many programs from cuts including low income programs,
Social Security, and Veterans Affairs. There are so many exemptions that
some programs would have to be eliminated all together in an effort to
neutralize the effects.
3. The deficit balance still exceeds the amounts being lawfully sequestered;
even after OMB recommendations.
The GOP vision according to The Rachel Maddow Blog, “is to overhaul the
federal tax code, redistribute wealth to the top, scrapping healthcare benefits for
millions, and then targeting social-insurance programs like Social Security and
Medicare”. Is this the vision of the GOP electorate or the vision of misguided
wealthy people who sit at the top and fail to consider the needs of the remaining
constituency?
We the People want to know what lies ahead if this Tax cut and Jobs Act is passed.
What are its unintended consequences? Citizens are spending hours listing the
possible effects of many dire program needs. The damage that’s done will far
outweigh its few benefits. The deficits could hit levels that this country may never
recover. This country is in need of a tax code restructuring. But it should be a
bipartisan effort carefully crafted with an unprecedented degree of precision.
Fiscal analysts should be included every step of the way. We the people deserve
better than this.
Yvonne Hayes Hinson, candidate for U.S. House of Representatives, CD3

 

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