GOP Tax Bill Promises A Pot of Gold for the Rich
The so-called Republican tax “reform” plan promises relief to the middle class - but it actually delivers a bonanza to the super rich. Our Nation needs real tax reform that benefits the middle class, reduces the deficit, requires millionaires and billionaires to pay their fair share, and discourages huge corporations from moving good paying American jobs overseas. But that’s not what the Trump-GOP tax plan does. Not by a long shot.
In fact, according to the highly regarded Tax Policy Center, the plan Republicans offered last week would boost taxes for one in three middle class families, blow up the deficit by $5.1 trillion, and exempt the money U.S. multi-national corporations amass overseas.
By 2017, the richest one percent of Americans would receive 80 percent of the individual benefits – including $1.1 billion for the Trump family. And by repealing the estate tax, Republicans would provide a handful of wealthy families – the richest of the super rich – with a windfall stretching into the tens of billions of dollars.
Moreover, as the national deficit explodes to more than $25 trillion, Republicans would surely attempt to raid Social Security, Medicare and Medicaid – and drastically cut education, health care, medical research, transportation, infrastructure and human development in order to pay for it.
In short, this Republican plan is not tax reform, and it belongs in the dumpster right beside their failed bills to take health insurance away from 31 million Americans. It’s time for Democrats and Republicans to put partisan politics aside and begin working on a bipartisan tax plan that benefits the middle class, reduces income inequality, creates more good paying jobs and moves our Nation forward. That will be my focus as this tax debate takes shape.
We will keep you posted as events proceed. Meanwhile, I want to hear your thoughts. Feel free to contact any of our offices listed below or send me an email.