NYT slams tax bill as ‘tax heist’

The New York Times’s editorial board ripped Senate Republicans’ tax plan on Saturday, calling it a “tax heist” just hours after it passed through the the upper chamber. 

“The approval of this looting of the public purse by corporations and the wealthy makes it a near certainty that President Trump will sign this or a similar bill into law in the coming days,” the board wrote.

The editorial board said the goal of the GOP-backed legislation was to give tax breaks to elites and corporations, such as Apple and Goldman Sachs, while future generations would “end up bearing the cost.”

{mosads}The board also lamented Sens. Susan Collins (R-Maine), Jeff Flake (R-Ariz.) and John McCain’s (R-Ariz.) support of the bill even after the three previously spoke out against major pieces of Republican-backed legislation. 

“Republicans offered one fantasy after another to make the case for their budget-busting tax cuts. For example, the White House has said that cutting the corporate tax to 20 percent from 35 percent will lead to a boom in investment and wages — an argument disputed by most credible economists,” the editorial read. 

The editorial comes hours after Republicans scored their first major legislative victory by passing tax reform in the early hours of Saturday morning. 

The Senate voted 51-49 in favor of the legislation, which includes lower tax rates for individuals through 2025 and permanently cuts the corporate tax rate from 35 percent to 20 percent. 

Senate Majority Leader Mitch McConnell (R-Ky.) praised the bill, saying it was “a great day for the country.”

“We have an opportunity now to make America more competitive, to keep jobs from being shipped offshore and to provide substantial relief for the middle class,” he said. 

The bill next needs to be reconciled with the House legislation, before heading to the president’s desk to be signed.