After instituting a $1.5 trillion tax cut and signing off on a $675 billion budget for the Department of Defense, Senate Majority Leader Mitch McConnell said Tuesday that the only way to lower the record-high federal deficit would be to cut entitlement programs like Medicare, Medicaid and Social Security.
New Treasury Department analysis on Monday revealed that corporate tax cuts had a significant impact on the deficit this year. Federal revenue rose by 0.04 percent in 2018, a nearly 100 percent decrease last year’s 1.5 percent. In fiscal year 2018, tax receipts on corporate income fell to $205 billion from $297 billion in 2017.
Democrats, meanwhile, jumped on McConnell’s admission as proof that Republicans had long planned to cut entitlement spending to fund the tax cuts that largely benefit corporations and wealthy Americans. “The truth comes out! This was their deceptive plan all along,” said Representative Lois Frankel of Florida.
Continue reading: Mitch McConnell Calls to Cut Social Security, Medicare