Billionaires, millionaires and wealthy corporations win, working families lose. That would be the outcome if the tax plan U.S. Senate Republicans unveiled today is adopted.
It’s destructive and flat out immoral to cut taxes for the richest one percent and the wealthiest corporations while gutting essential programs that boost our health care, nutrition, education and economy – and that is what this tax plan would do.
We are especially concerned that this still falls far short of being true tax reform because it benefits a small group of wealthy and privileged individuals and doesn’t do nearly enough to help boost working families and the middle class. This bill adds $1.5 trillion to the federal deficit and still ends state and local tax deductions – one-third of taxpayers use the SALT deduction for critical tax relief.
The Senate tax proposal also includes a weakened version of the Child Tax Credit, which lacks refundability; that means, just like with the House bill, 10 million low-income children that could benefit the most from this anti-poverty program would lose out. Juxtapose that with the continuation of the estate tax, which benefits a small number of very wealthy families, and you end up with a tax bill that demonstrates that the Republican party’s values are upside down.
Struggling families rely on Medicaid, disaster assistance, food stamps and Head Start, all of which would suffer drastic reductions under this plan. And over time, it would explode the deficit, forcing the government to renege on its obligations to fund essential programs like Medicare and Social Security.
The country must now prepare itself for a barrage of deceitful rhetoric, designed to disguise the great harm this tax plan would cause. But we will not be fooled. If budgets reflect priorities, this tax plan makes it abundantly clear that the Senate GOP’s priority is helping the rich get richer, no matter the damage it will cause to our economy and to the health, well-being and financial stability of working families. America’s moms will resist.
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