Don't be fooled.
GOP Tax Plan is Trickle Down Economics - Another Handout to the Rich, Paid for by Middle Class Working Families
Across the Nation, middle class working people are making it clear that it’s time for super-rich individuals and multi-national corporations to pay their fair share of taxes.
President Trump and Republican leaders will unveil a so-called tax “reform” bill this week. But don't be fooled. It's not reform in any sense of the word. In fact, their plan would:
• Hand the richest one-percent of Americans a $1.5 trillion tax cut they don’t need – and force struggling middle class working families and retirees to pay for it.
• Raise taxes on the middle class.
• Force deep cuts in Social Security, Medicare and Medicaid.
• Require a massive increase in deficit spending.
Tax-exempt 401-K retirement contributions are reportedly on the chopping block. So is the provision that allows working families to deduct state and local taxes from their federal taxes. About one in three middle class working families in Minnesota now deduct more than $12,000 every year using this provision alone.
After learning details of the bill on Saturday, the National Association of Homebuilders immediately registered their opposition, expressing concern that the measure could throw the housing industry into a recession that could cost millions of good paying jobs.
In fact, the GOP plan is just plain old trickle-down economics – the failed notion that as the rich get richer, they will invest their extra billions to create more jobs and boost wages for everyone else. That is nonsense. Middle class wages and buying power have been stagnating for 40 years while America today has by far the most unequal distribution of income of any major county on Earth. The top one percent now earn more than the bottom 50% combined. And the top 1/10th of one percent own as much wealth as the bottom 90%. That is outrageous and dangerous.
The Republican tax plan is Part Two of their $4 trillion, 10-year budget resolution – a boondoggle that would blow up the deficit – and pay for it by rolling back Social Security, Medicare, Medicaid, and an entire century of American progress. The rich would get richer at the expense of good paying jobs, clean air and water, lifesaving medical research, pensions and retirement benefits, health care and transportation – just to name a few.
My focus in Congress will continue to be on real tax reform benefits the middle class, boosts wages, ensures that the rich pay their fair share, and creates more good paying jobs by severely penalizing corporations that send American jobs and wages overseas. That’s what we need to really begin moving our great Nation forward.
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.
The full letter can be found HERE.