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Senate Finance Committee chairman Orrin Hatch (R-Utah) gestures before the start of a markup by the committee of the Republican tax reform proposal on November 15, 2017 in Washington, DC. Also pictured is ranking member Sen. Ron Wyden (L) (D-Ore.). (Photo: Win McNamee/Getty Images)
With Tax Hikes for Working Class, CBO Shows Senate GOP Plan 'Steals From Poor, Gives to Rich'
New report shows that in 2027, taxpayers making up to $75,000 would see a tax hike
Nov 27, 2017
In addition to raising the deficit by an estimated $1.4 trillion over the next ten years, Americans making less than $75,000 will see a tax hike under the Senate Republican tax plan, while those making over $100,000 would be rewarded with tax cuts, a new analysis by the nonpartisan Congressional Budget Office (CBO) finds.
The report further belies the GOP's claim that the proposal will "strengthen the middle class."
The analysis, released Sunday, shows that taxpayers making up to $30,000 will see their tax burden increase by 2019. By 2021, that extends to those making $40,000 and under. In 2027, those making up to $75,000 would see a tax hike. Taxpayers making over $100,000, in contrast, would receive cuts at all the time points listed.
According to Ben Wikler, Washington director for MoveOn.org, "This fact won't flip a single GOP vote. But your activism could."
Scores of actions aimed at targeting senators are slated for this week, with a vote expected Thursday or possibly earlier. UltraViolet, a group that advocates for gender equity and other progressive issues, is among those using the hashtag #TrumpTaxScam to highlight what they say is the essence of the GOP tax plan: "Steal from the poor. Give to the rich."
Indivisible called for Monday to be a #TrumpTaxScam Day of Action, and is highlighting actions taking place around the country:
CNBC reports that the larger than projected tax burden for lower-income tax brackets "stems from the bill effectively getting rid of the Obamacare provision requiring most Americans to have health insurance or pay a penalty. Low-income Americans would receive fewer premium tax credits if more of them choose not to have insurance." The CBO report states: "The number of people with health insurance would decrease by 4 million in 2019 and 13 million in 2027."
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This country and this world are at a monumental crossroads. US voters have an opportunity to beat back the forces of fascism and confront the billionaires who are rigging the economy, our media system, and our democracy, making it increasingly impossible for ordinary people to get by. We’re not just talking about the election. We’re talking about what must be done once these fascist elements are vanquished from power. We need a bolder set of solutions than what either major party has so far been willing to offer and a working-class movement ready to fight like hell for it. Trump didn't emerge from nowhere. The conditions that fueled MAGA authoritarianism were created by decades of radical neoliberal economic policies and a corrupt political system dominated by corporate interests. They slashed taxes on the super-rich, promising that the benefits would trickle down. They said giveaways to the corporate titans would make life more affordable for the rest of us. It was all bullshit. And when a bitter, betrayed populace searches for someone to blame, right-wing demagogues have little trouble finding scapegoats. People know when they're being lied to, but you won't hear any of this from the corporate media. Only independent journalism—powered and funded by people who believe in building a better world—can deliver truly trustworthy daily news. If you share our vision, please contribute whatever you can to sustain our work. |
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In addition to raising the deficit by an estimated $1.4 trillion over the next ten years, Americans making less than $75,000 will see a tax hike under the Senate Republican tax plan, while those making over $100,000 would be rewarded with tax cuts, a new analysis by the nonpartisan Congressional Budget Office (CBO) finds.
The report further belies the GOP's claim that the proposal will "strengthen the middle class."
The analysis, released Sunday, shows that taxpayers making up to $30,000 will see their tax burden increase by 2019. By 2021, that extends to those making $40,000 and under. In 2027, those making up to $75,000 would see a tax hike. Taxpayers making over $100,000, in contrast, would receive cuts at all the time points listed.
According to Ben Wikler, Washington director for MoveOn.org, "This fact won't flip a single GOP vote. But your activism could."
Scores of actions aimed at targeting senators are slated for this week, with a vote expected Thursday or possibly earlier. UltraViolet, a group that advocates for gender equity and other progressive issues, is among those using the hashtag #TrumpTaxScam to highlight what they say is the essence of the GOP tax plan: "Steal from the poor. Give to the rich."
Indivisible called for Monday to be a #TrumpTaxScam Day of Action, and is highlighting actions taking place around the country:
CNBC reports that the larger than projected tax burden for lower-income tax brackets "stems from the bill effectively getting rid of the Obamacare provision requiring most Americans to have health insurance or pay a penalty. Low-income Americans would receive fewer premium tax credits if more of them choose not to have insurance." The CBO report states: "The number of people with health insurance would decrease by 4 million in 2019 and 13 million in 2027."
In addition to raising the deficit by an estimated $1.4 trillion over the next ten years, Americans making less than $75,000 will see a tax hike under the Senate Republican tax plan, while those making over $100,000 would be rewarded with tax cuts, a new analysis by the nonpartisan Congressional Budget Office (CBO) finds.
The report further belies the GOP's claim that the proposal will "strengthen the middle class."
The analysis, released Sunday, shows that taxpayers making up to $30,000 will see their tax burden increase by 2019. By 2021, that extends to those making $40,000 and under. In 2027, those making up to $75,000 would see a tax hike. Taxpayers making over $100,000, in contrast, would receive cuts at all the time points listed.
According to Ben Wikler, Washington director for MoveOn.org, "This fact won't flip a single GOP vote. But your activism could."
Scores of actions aimed at targeting senators are slated for this week, with a vote expected Thursday or possibly earlier. UltraViolet, a group that advocates for gender equity and other progressive issues, is among those using the hashtag #TrumpTaxScam to highlight what they say is the essence of the GOP tax plan: "Steal from the poor. Give to the rich."
Indivisible called for Monday to be a #TrumpTaxScam Day of Action, and is highlighting actions taking place around the country:
CNBC reports that the larger than projected tax burden for lower-income tax brackets "stems from the bill effectively getting rid of the Obamacare provision requiring most Americans to have health insurance or pay a penalty. Low-income Americans would receive fewer premium tax credits if more of them choose not to have insurance." The CBO report states: "The number of people with health insurance would decrease by 4 million in 2019 and 13 million in 2027."
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