The entire basis of the tax cuts is that Republicans think/assume/hope corporations will use those savings for job creation and investment, which in theory would grow the economy. Problem is, CEOs of some of the biggest corporations have already said they will instead use the savings to raise stock dividends and/or for stock buybacks, both of which will benefit shareholders and have no effect on workers. (See here
) And the Republicans are in denial
about it. (Scroll down a ways at that link to see just how gullible some of them are, on record.)
Most of the Republicans voting for the tax cut haven't even read the damn thing
and are going based on faith in the GOP leadership. (And as noted above, belief that corporations will "do the right thing" for the American people.) But really, many of those voting don't care who it helps or doesn't help, they voted because lobbyists and rich donors basically threatened to end fundraising if they didn't pass this thing
I wouldn't give a shit about these corporate giveaways if they weren't paid for with eliminations in tax deductions used by lower and middle income households, most egregious being the student loan deduction. Without that, good luck being able to afford a college education if mommy and daddy are not rich, especially if you plan to go to graduate school. (Then again many on the right are anti-intellectuals
, so this is a win from their perspective.) The mortgage interest deduction has also been slashed in half, which will affect people in high tax states, but you know, those are the "coastal elites" so fuck them, right? Never mind that it's generally agreed tax cuts don't actually boost economic growth
. Anyone around in the 80's remembers the Reagan tax cuts and the myth of trickle-down, now more often called "voodoo" economics.
The most hypocritical part of all this is that Republicans harped NON-STOP about the deficit when Obama and Democrats were trying to pass just about ANY legislation, but now that THEY are the ones in charge, they don't care that the deficit will increase by over a trillion dollars
So why is everyone up in arms? Maybe read up on it and find out yourself.