While they lowered the tax rates, they also reduced the amount of deductions for many people. The standard deduction is more, but you won’t get individual deductions. There is a child tax credit, but a family of four would lose money because it doesn’t add up to as much as four individual deductions would - a nearly $2000 loss. (Of course, there would be an even greater loss for a larger family.)
Then the cuts in the tax rate will be phased out by 2026, and the individual deductions will be long gone.
Meanwhile, the larger tax cut for the rich and big corporations will increase the deficit by 1 trillion. The GOP will use the bloated deficit (that they caused) to cut earned benefits such as social security, Medicaid and Medicare. So more people on the verge of poverty (low income families with children and the elderly) will really suffer. They will also cut services for the general public so the quality of our lives will diminish.
Petition to Democratic elected officials and candidates:
"Commit to fully repealing the immoral and unjust Trump Tax Scam in the next Congress."
Add your name:
“Tax cut savings flow to company stockholders, trickle to hourly workers,” USA Today recently reported.1 Another recent headline, in Newsweek, blares: “Trump tax plan: 80 percent of economic gains will end up going to foreigners, CBO says.”2
The ugly truth about the immoral Trump Tax Scam is becoming well-known, just in time for today, April 17, 2018, this year's Tax Day.
Our job now is to make it clear just how toxic Trump and his Tax Scam truly are – and demand that every Democratic official and candidate commits to repealing the Trump Tax Scam.
The Tax Scam is not just a heartless giveaway to the rich and powerful. Americans have discovered that the Trump Tax Scam is riddled with errors. It gives unintended tax breaks to hedge fund managers, contradicts itself in places and contains the so-called “grain glitch” that could hurt agricultural companies by exempting competitors from taxes.3,4 In this environment, it’s more important than ever that Democrats hold the line. Corporate Democrats will be tempted to preserve parts of the bill to appease donors, others will try to help bail out Republicans with fixes, and before long, no one will be able to tell the difference between the party of Trump tax handouts for billionaires and the muddled opposition.
There is no good reason for Democrats to preserve any part of this Tax Scam. It is:
Democrats will fail if they become the party of tweaking the Trump Tax Scam. They must draw a clear dividing line by promising to repeal the Trump Tax Scam in its entirety in the next Congress.
The main beneficiaries of the Trump Tax Scam are Donald Trump himself and the super-wealthy donors who fund Republican political campaigns. The bad news for Republicans is that the American people know a scam when they see one. Americans will not forget this cruel robbery of the poor and middle class to give massive tax breaks to big corporations and Republican donors. But it’s up to us to make sure Democrats seize the opportunity.
Tell Democrats: Fight to repeal the Trump Tax Scam. Click below to sign the petition:
Josh Nelson, CREDO Action
Add your name: