The beleaguered Trump Administration and Senate Republicans finally got something done, and in keeping with the general theme of the past year, it's about the worst thing they could have done. Late last night, the Senate passed the most sweeping tax legislation in 30 years. The Tax Cuts and Jobs Act is projected to add more than $1 trillion in deficit spending over 10 years, despite the fact that the Republican spent the Obama years obsessed over the national debt. The final vote was 51 in favor, 49 against, with all the Democrats and Rep. Senator Bob Corker of Tennessee voting no.

The core of the bill is a permanent tax cut for corporations combined with much smaller, and temporary, benefits for everyone else (i.e., you and I). Over the next decade, the $1.4 trillion tax cut would disproportionately reward the wealthiest Americans while piling on the national debt—which in turn will likely be used by Republicans as a justification for cutting Social Security, Medicare, and Medicaid.

If you have any questions about this, here is Prof. Reich to break it down for you: