Seven months after it was signed into law, the Republican tax bill is a boon for rich corporations —and a bust for American workers. Yet Congressman Steve Knight (R-Palmdale) has no regrets about his role in supporting it and voting for it.
Knight was recently approached by a constituent, who asked if he regretted voting for the Trump tax bill.
Knight responded, “No.” He then clarified, “Well, it wasn’t Trump’s tax bill. We voted for something in Congress.”
The bill Knight voted for increases the deficit by almost $2 trillion, rewards wealthy corporate CEOs, gives most of the benefits to the already rich, will cause millions of people to lose health insurance, and raises taxes on many Californians. Further, wages for workers have decreased since the bill was signed into law. But Knight has absolutely no regrets, as this video, posted by the Antelope Valley Democrats, shows.
There was serious opposition in California before Knight voted for the tax bill, including one poll showing 58 percent of his constituents opposing the bill and a mere 30 percent supporting it. Nevertheless, Knight sided with Trump (which he does 99 percent of the time) over his own constituents and voted for the bill.
But months after this promise, most families are seeing their wages, after adjusting for inflation, go down.
What is going up? Taxes.
About a million Californians will pay their share of a $12 billion tax hike because of the tax bill, according to an analysis from California’s Franchise Tax Board.
In the Los Angeles area, homeowners face a loss of housing tax deductions totaling $76,000 over the course of a 30-year mortgage.
While workers and homeowners are facing a worse economic situation, rich corporations are lavishing billions of dollars on wealthy Wall Street investors through record-setting levels of stock buybacks.
Why are companies getting the benefits and not workers?
“Of course, companies were expected to receive the bulk of the tax savings,” writes Bloomberg. “That’s how the plan was designed.”
As corporate titans scoop up billions in tax breaks, the Knight-backed tax bill is driving up the deficit by $2 trillion, saddling future generations with mountains of debt.
In addition to the economic impotence of the bill, Knight supported a health care provision that is helping drive up the cost of premiums and causing millions to lose access to health insurance altogether.
Americans see through the spin from Knight and other Republicans, with only 34 percent supporting the tax bill, down 10 points since the first of the year.
Despite falling fall short of Knight’s promised outcomes, and causing economic hardship for many of his own constituents, Knight insists he has no regrets.