By now, we’ve heard enough about the Republican Party’s new “cement stamp” rule, which allows people to use their Social Security checks to buy “cement” on their homes or businesses.
That may not seem like much, but it is an important part of the GOP’s tax plan, which Republicans are expected to release in a matter of days.
The idea behind the “cemet stamp” is that, instead of paying taxes on “cinema,” movie theater, and bowling alley taxes, people will now pay taxes on the “cements” that build their homes and businesses.
The Republican tax bill includes $10 million for “cemeter stamp” tax credits for “campsites, garages, and yards” in 2018, and $5 million to “cemeter stamp” credits for the “entire community” in 2020.
(There’s a catch: The “entitlement” to “catering” must come from somewhere, and the “enterprise” that provides “campaging” is still not in the tax code.)
As the Washington Post explains, this provision could cost $7.2 trillion over a decade:This will cost $8 trillion over 10 years, the Post estimates.
And, if you’re wondering what all the money is going to do, the article quotes the nonpartisan Tax Policy Center:It’s not just the tax bill that’s going to cost the country $7 trillion in infrastructure spending, the Tax Policy Institute found, noting that $5.6 trillion of that is going for highways and $1.7 trillion of it is going toward mass transit and transportation infrastructure.
It’s also $4 trillion in “entitlements,” which includes $3 trillion for infrastructure spending.
But, this $5 trillion in the “economic stimulus” bill isn’t just going to get us to get “crowded” roads and bridges built.
It is also going to create millions of jobs.
The Tax Policy Journal notes that “the Tax Policy center projects that $3.7 billion will go to jobs, while $3 billion will be spent on public transit, $2.5 billion will provide broadband access to low-income Americans, and nearly $3 million will be put towards public health.”
And, this is just the first step.
There is still $3,600 in “incentives” that the tax plan would add to the tax bills of the next generation, the Journal adds:In fact, as the Washington Examiner notes, the “incentive” to building a “cantor” is only going to go up from 2020 to 2024, which means that the next group of “entrepreneurs” won’t be able to use that money to build a new home anytime soon.
That’s why Republicans are so eager to get rid of this $7-trillion-plus tax increase that they’re already threatening to slash Medicare, Medicaid, and food stamps for seniors, the elderly, and others.