November, 21 2017, 10:00am EDT
For Immediate Release
Contact:
Chris Fleming,Email:,chris@redhorsestrategies.com
13 Terrible Things About the Senate Republican Tax Plan
WASHINGTON
A new report out today details thirteen terrible things about the most recent Republican tax overhaul proposal in the U.S. Senate:
- Gives most of the tax cuts to the richest 1%. The share of tax cuts going to the richest 1% is 62% in 2027, up from 18% in 2019. Their tax cut will be $33,000 in 2027, on average. [Tax Policy Center (TPC)]
- Gives 53% of the tax cutsto corporations and businesses. These tax cuts mostly benefit the wealthy. [Joint Committee on Taxation (JCT)]
- Makes 82 million middle-class families pay more in taxes. Half of all households--94 million--would pay more in taxes in 10 years. Of those, 82 million are of low- or middle-income. Two-thirds of families earning $55,000 to $93,000 will see a tax increase. [TPC]
- Pays for corporate tax cuts by taking healthcare away from working families and seniors.
*To raise revenue to pay for permanent corporate tax cuts, the plan repeals the requirement under the Affordable Care Act for individuals to have health coverage. This will lead to 13 million more people being uninsured and cause a 10% increase in health insurance premiums. [Congressional Budget Office (CBO)]
*The corporate tax rate is slashed from 35% to 20%, losing $1.3 trillion over 10 years That's almost the $1.5 trillion cut the Republican budget proposes for Medicare ($473 billion) and Medicaid ($1 trillion). [JCT, Center on Budget and Policy Priorities (CBPP)]
*The tax bill would trigger immediate Medicare cuts of at least $25 billion a year, and more than $100 billion in other cuts to agriculture subsidies, student loans, military retirement and more, because it adds $1.4 trillion to the debt. [(CBO)]
- Makes corporate tax cuts permanent, but makes tax cuts for individuals and families temporary. All the tax cuts that benefit the middle-class will expire after 2025, while the corporate tax cuts are permanent. The plan makes permanent changes to the way tax brackets are adjusted for inflation, resulting in a growing tax increase over time. [CBPP]
- Adds $1.4 trillion to the national debt jeopardizing critical services. The plan includes at least $1.4 trillion in tax cuts--and possibly as much as $1.9 trillion--that are not paid for by closing loopholes used by the wealthy and corporations. This will balloon the deficit and further endanger funding for Social Security, Medicare, Medicaid, public education and more. [CBPP]
- Puts wealthy business owners over seniors. Wealthy business owners and investors--including real estate developers like Donald Trump--get a $225 billion tax cut from the effective drop in the top tax rate for "pass-through" business income from 39.6% to 32%, along with other tax changes on pass-through income. (Pass-throughs include partnerships, S corporations and sole proprietorships, and their owners pay taxes at the individual rate.) By comparison, the Republican budget cuts Medicare by $473 billion. [JCT, TPC and CBPP]
- Kills American jobs by encouraging outsourcing and profit shifting. The plan creates a territorial tax system, which exempts foreign profits from U.S. taxes. While the plan will tax some of those offshore profits, the effective tax rate will be far below the U.S. rate. U.S. multinationals will have even more tax incentives to outsource more jobs and shift more profits offshore.
- Hands a $565 billion tax cut to offshore tax dodgers. American corporations have $2.6 trillion in profits stashed offshore on which they owe $750 billion in U.S. taxes. Rather than make them pay what they owe, like all the rest of us do, the tax plan will charge them only $185 billion--over a half-trillion-dollar discount. [Institute on Taxation and Economic Policy (ITEP) and JCT]
- Repeals the federal deduction for state and local taxes (SALT) hurting the middle class.One-third of taxpayers making $50-75,000 take this deduction for state and local income and property taxes, as do half of those making $75-100,000. Eliminating SALT will put pressure on state and local budgets, likely forcing cuts to education, health care, and infrastructure. [Government Finance Officers Assoc. and CBPP]
- Helps Donald Trump pay much less in taxes. The plan repeals the alternative minimum tax (AMT), losing $770 billion. Without the AMT, Trump would have paid just a 4% tax rate on $153 million in income one year. But thanks to the AMT, he paid $38 million for a tax rate of 25%. [JCT and New York Times]
- Lets many wealthy heirs avoid paying the estate tax. The estate tax is substantially weakened, losing $83 billion and allowing more rich families to inherit wealth tax-free. The tax now only applies to estates worth over $5.5 million per person--about 5,500 estates. Under the bill, only estates worth at least $11 million per person (about 1,800 estates) would pay the tax. [JCT, TPC, CBPP]
- Breaks Trump's promise to close the "carried interest" loophole benefitting Wall Street. Remember when candidate Trump promised to get rid of this loophole that primarily benefits private equity fund managers? The Senate plan keeps it in place. [New York Times]
Americans for Tax Fairness (ATF) is a diverse campaign of more than 420 national, state and local endorsing organizations united in support of a fair tax system that works for all Americans. It has come together based on the belief that the country needs comprehensive, progressive tax reform that results in greater revenue to meet our growing needs. This requires big corporations and the wealthy to pay their fair share in taxes, not to live by their own set of rules.
(202) 506-3264LATEST NEWS
'Unprecedented': Belgian Police Blast Climate Defenders With Water Cannon
"The fact that national governments are subsidizing fossil fuels is akin to a crime against humanity," said one Extinction Rebellion organizer.
May 05, 2024
The climate action group Extinction Rebellion Belgium on Saturday decried what it called "disproportionate police violence" against nonviolent demonstrators who were blasted with a water cannon during a protest in Brussels demanding an end to fossil fuel subsidies.
Hundreds of Extinction Rebellion-led climate defenders blocked Rue Belliard in the European Quarter, the de facto European Union capital, during EU Open Day, when agencies of the 27-nation bloc open their doors to the public. In what Extinction Rebellion called an "unprecedented police response," officers used a truck-mounted water cannon on the protesters, some of whom were also allegedly struck with batons.
Brussels police said 132 activists—some of whom glued themselves to the ground—were arrested.
"This police behavior toward nonviolent protesters exercising their freedom of assembly is illegal and authoritarian," Extinction Rebellion Belgium said in a statement Saturday.
"The use of water cannons against peaceful demonstrators is of great concern," the group added. "We call on the police to exercise restraint and respect the right to demonstrate peacefully and without violence."
The activists are calling on European governments to stop subsidizing fossil fuels amid a worsening planetary crisis. They're also demanding the declaration of a climate emergency.
"National and European governments are spending at least €405 billion each year subsidizing major fossil fuel corporations," protest spokesperson Bertina Maes toldThe Brussels Times. "That's ten times more than what's spent on climate policy."
Maes said the Belgian government alone spent as much as €20 billion ($21.5 billion) on fossil fuel subsidies in 2020, more than 2% of the country's gross domestic product.
"The fact that national governments are subsidizing fossil fuels is akin to a crime against humanity," she asserted.
This weekend's demonstration and arrests come a month before E.U. parliamentary elections. According to an April Eurobarometer survey conducted by the European Parliament, climate action is the fifth-most important issue to voters, after poverty and social exclusion, health, jobs, and defense and security.
Keep ReadingShow Less
Israel Bans Al Jazeera in 'Assault on Freedom of the Press'
"Rather than trying to silence reporting on its atrocities in Gaza, the Israeli government should stop committing them," said one observer.
May 05, 2024
The Jerusalem offices of Al Jazeera were raided Sunday after Israel's far-right Cabinet banned the Qatar-based satellite news network—the sole international media outlet providing 24/7 live coverage from Gaza—from operating in the country.
"If you're watching this… then Al Jazeera has been banned in Israel," correspondent Imran Khan said in a pre-recorded report from occupied East Jerusalem preempting the Israeli Cabinet's unanimous vote to shutter the network.
The order—which does not affect Al Jazeera's ability to operate in Gaza or the illegally occupied Palestinian territories—is believed to be the first of its kind targeting a foreign media outlet operating in Israel. It comes after the Knesset, Israel's parliament, recently voted 71-10 in favor of a law empowering the Israeli communications minister to ban foreign news organizations from working in Israel and to confiscate their equipment.
"The time has come to eject Hamas' mouthpiece from our country," Israeli Prime Minister Benjamin Netanyahu said in a televised address.
Ofir Gendelman, Netanyahu's Arab media spokesperson, said Sunday that the closure would be "implemented immediately."
Gendelman said that the network's "broadcast equipment will be confiscated, the channel's correspondents will be prevented from working, the channel will be removed from cable and satellite television companies, and Al Jazeera's websites will be blocked on the internet."
In a statement, Al Jazeera vowed to "pursue all available legal channels through international legal institutions in its quest to protect both its rights and journalists, as well as the public's right to information."
"Israel's ongoing suppression of the free press, seen as an effort to conceal its actions in the Gaza Strip, stands in contravention of international and humanitarian law," the network added. "Israel's direct targeting and killing of journalists, arrests, intimidation, and threats will not deter Al Jazeera."
The New York-based Foreign Press Association issued a statement slamming the move and saying it "should be a cause for concern for all supporters of a free press."
"With this decision, Israel joins a dubious club of authoritarian governments to ban the station," the group said. "This is a dark day for the media. This is a dark day for democracy."
Human Rights Watch Israel and Palestine director Omar Shakir called the order "an assault on freedom of the press."
"Rather than trying to silence reporting on its atrocities in Gaza, the Israeli government should stop committing them," he added.
Al Jazeera is the only international news network providing nonstop on-the-ground coverage of Israel's war on Gaza, often being the first to report Israeli atrocities in what many experts worldwide say is a genocidal campaign in the besieged, starving strip.
Its correspondents and other media professionals work under constant risk to life and limb. More than 100 journalists, the vast majority of them Palestinians, have been killed by Israeli forces since October 7 in what the Committee to Protect Journalists (CPJ) and others say are often intentional targetings of not only media workers but also their families.
In December, Israeli forces killedAl Jazeera cameraman Samer Abudaqa as he reported on the war in southern Gaza, an attack that also wounded Al Jazeera Gaza bureau chief Wael Dahdouh—whose wife, son, daughter, and grandson were killed in a separate Israeli strike.
Previous probes—like the investigation into Israeli troops' 2022 killing of renowned Palestinian American Al Jazeera reporter Shireen Abu Akleh—have confirmed that Israel has deliberately targeted journalists.
Last May, CPJ published Deadly Pattern, a report that found Israeli troops had killed at least 20 journalists over the past 22 years with utter impunity. While some of the slain journalists have been foreigners—including Italian Associated Press reporter Simone Camilli and British cameraman and filmmaker James Miller—the vast majority of victims have been Palestinian.
Israeli forces have also attacked newsrooms in every major assault on Gaza, including in May 2021 when the 11-story al-Jalaa Tower, which housed offices of Al Jazeera, The Associated Press, and other media outlets, was completely destroyed in an airstrike.
On Friday—World Press Freedom Day—Palestinian journalists covering the war on Gaza were awarded this year's UNESCO/Guillermo Cano World Press Freedom Prize after being recommended by an international jury of media professionals.
Keep ReadingShow Less
On Kent State Massacre Anniversary, Progressives Decry Repression of Student Protests
"The militarized repression of young people speaking out against a terrible war was shameful then and it's shameful now," said one state lawmaker.
May 04, 2024
As U.S. Republicans push for the deployment of National Guard troops to quell nationwide student demonstrations against the Gaza genocide, progressive lawmakers marked the anniversary of the 1970 Kent State Massacre by condemning police repression of peaceful protesters and reaffirming the power of dissent.
"On the 54th anniversary of the Kent State Massacre, students across our country are being brutalized for standing up to endless war," Congresswoman Cori Bush (D-Mo.) said on social media. "Our country must learn to actually uphold the rights of free speech and assembly upon which it was founded."
Fellow "Squad" member Rep. Ilhan Omar (D-Minn.) said that "54 years ago, the Ohio National Guard opened fire on unarmed students at Kent State."
"Students have a right to speak out, organize, and protest systemic wrongs," she added. "We can't silence those expressing dissent, no matter how uncomfortable their protests may be to those in power."
On May 4, 1970, 28 Ohio National Guard troops fired 67 live rounds into a crowd of unarmed Kent State students rallying against the expansion of the U.S.-led war in Vietnam into Cambodia. They murdered students Allison Krause, Jeffrey Glenn Miller, Sandra Lee Scheuer, and William Knox Schroeder—all aged 19 or 20. Nine other students were wounded, including one who was permanently paralyzed.
"The militarized repression of young people speaking out against a terrible war was shameful then and it's shameful now," New York state Assemblywoman Emily Gallagher (D-50) said on Saturday.
Protests against Israel's assault on Gaza—which according to Palestinian and international officials has killed, maimed, or left missing more than 123,000 Gazans—have spread to dozens of campuses across the U.S. and around the world. Police have been called in to break up protest encampments at numerous schools. Hundreds of students, faculty, and journalists have been arrested, sometimes violently.
At the University of California, Los Angeles (UCLA), police stood by this week as a pro-Israel mob attacked a campus protest encampment before officers arrested peaceful protesters and supporters.
As law enforcement officials have tried to justify the crackdown by claiming "outside agitators" are behind the protests, some observers noted historical parallels.
"Watching what is happening at UCLA," Virginia state Sen. Mamie Locke (D-2) said on social media. "Old enough to remember Kent State, Jackson State, South Carolina State, and the dog whistles of 'law and order,' 'outside agitators.' So reminiscent of 1968."
On February 8, 1968, police shot 31 students—most of them in the back—at a protest against Jim Crow segregation at South Carolina State University in Orangeburg, murdering three young Black men: Samuel Hammond Jr., Delano Middleton, and Henry Smith.
Eleven days after Kent State, police opened fire on a crowd of Black students protesting the bombing of Cambodia at Jackson State College in Jackson, Mississippi, killing Phillip Lafayette Gibbs and James Earl Green and injuring 12 others.
"Our institutions must learn from these past mistakes to not use militarized responses against unarmed, peaceful student protesters by calling in the National Guard, bringing in state troopers, or deploying police in riot gear," Laurel Krause, the sister of slain Kent State protester Allison Krause, said in a statement marking the ignominious anniversary.
"We must not repeat the horrors of Kent State 54 years later," she added.
Keep ReadingShow Less
Most Popular