Here’s Who Will Be Hurt By Republicans’ Tax Plan

Curt Zickafoose Blog

 

The super-rich and big corporations would be big winners from the Republican tax plan, but practically everyone else could lose out.

 

Here’s Who Will Be Hurt By Republicans’ Tax Plan:

People making less than $75,000 a year:

Washington Post: “By 2027, most Americans earning $75,000 a year or less would be forced to pay more in taxes, while people earning more than $100,000 a year would continue to pay less.”

At least half of all Americans:

Tax Policy Center: “In 2027, half of all U.S. households would pay more in taxes than if Congress did nothing. That includes 66% of the middle part of the income distribution.”

Homeowners:

Washington Post: “If you hoped that Senate Republicans would treat homeowners and buyers more kindly in their tax overhaul plans than their colleagues in the House did, you were an optimist. It didn’t happen.”

American workers:

New York Times Editorial Board: “In addition, these bills would create new incentives for businesses to move production offshore and increase the trade deficit, which will benefit foreign economies and hurt the very factory workers Mr. Trump claims to fight for.

Women:

National Women’s Law Center: “The Republican tax plan would eliminate numerous tax benefits for women and families. The House and Senate bills propose a myriad of policies that harm ordinary families, including eliminating personal and dependent exemptions (valued at $4,150 for the taxpayer and each dependent), reducing or eliminating the deduction for state and local taxes, and eliminating benefits that help workers offset expenses they incur to go to work.”

Single parents:

CNBC: “Tax experts are concerned that with the loss of personal and dependent exemptions in both the House and Senate tax proposals, and the expiration of child tax credits in Senate bill, single-parent households may lose.”

Teachers:

The 74 Million: “Ending the deduction, as the Senate bill proposes, would mean a loss of $370 billion in state and local tax revenue over 10 years, endangering 370,000 education jobs, according to an analysis by the National Education Association, the country’s largest teachers union.”

People with health insurance:

Los Angeles Times: “The Senate Republican plan to use tax legislation to repeal the federal requirement that Americans have health coverage threatens to derail insurance markets in conservative, rural swaths of the country, according to a Los Angeles Times data analysis.”

Older Americans saving for retirement:

CNBC: “Workers over age 50 would no longer be able to make catch-up contributions on a pretax basis to their retirement plans under a new amendment to the GOP’s Senate version of the tax bill.”

People with disabilities:

Center for American Progress: “While the details of the House and Senate versions of the plan differ in their details, both would be particularly devastating for people with disabilities. And in the likely event that the two chambers end up going to conference in order to finalize the bill before it becomes law, the worst of both bills could end up in the final plan.”

Children attending public schools:

Joint Economic Committee: “The Senate GOP tax bill hurts every state’s ability to fund its schools, yanking support for education investments in our children.”

 

Here’s Who Will Benefit From Republicans’ Tax Plan:

The top 1%:

Wall Street Journal: “Tax Foundation: Top 1% of Households Get Biggest Boost From Senate Tax Plan

Big corporations:

Washington Post: “America’s mega companies get a big tax cut: From 35 percent down to 20 percent. … These businesses also get to deduct any new equipment purchases right away, another tax savings. And the whole business tax system shifts from worldwide (where income anywhere in the world gets taxed) to a territorial system (where income only in the U.S. is taxed), something corporations have wanted to see change for a long time.”

Donald Trump:

Washington Post: “Last-minute changes to the Senate tax bill could personally benefit President Trump, who has investment stakes in roughly 500 entities that could be affected by the planned adjustments.”