Former New York City Mayor, and America’s eighth richest citizen, is against the Republican tax bill. Bloomberg is a social progressive, but a fiscal conservative, yet he still believes “the tax bill is an economically indefensible blunder that will harm our future”.
Bloomberg penned a highly critical op-ed about the tax bill for his own Bloomberg News website. In the piece, Bloomberg begins by discussing how ridiculous it is that Republicans believe that tax breaks for corporations will lead to higher wages for average Americans, saying that belief is “pure fantasy”. Had lawmakers listened to executives and economic experts, they’d realize the fallacy of such a belief.
He goes on to accuse Republicans of putting politics before common sense tax reform. Since Congress has accomplished nothing since President Donald Trump took office, lawmakers have pushed through the tax bill in order to make it appear as though they have produced something, so as not to be thought of as “the do-nothing, inept bunch that they are“. Once the tax reforms go into effect, and are proven to be a failure, the American people will remember that it was the Republican party who pushed through such a disastrous bill.
Bloomberg believes the bill will have a negative impact on public education, infrastructure, income inequality, and, most importantly, the deficit. He criticizes that Republicans haven’t considered the cost of the tax bill, estimated to be between $1 trillion to $1.5 trillion, but instead have “kicked the can down the road”.
If Michael Bloomberg, a businessman and politician with a net worth estimated at $56 billion thinks the Republican tax plan is a bad idea, lawmakers should probably listen to him. But since they haven’t even listened to economics and tax experts, its doubtful they’ll listen now.