Editorial Boards Agree: #GOPTaxScam Wrong for Hard-Working Americans
Yesterday, the House Republicans passed a GOP tax scam that will raise taxes on millions of hard-working American families in order to hand deficit-exploding giveaways to the wealthiest few.
But don’t just take our word for it, editorial boards across the country have condemned this awful bill.
…We have yet to see a single, credible independent analysis of the bill show that this plan wouldn’t seriously hurt some of the country’s most vulnerable Americans. And every review reveals that the bill would inarguably run up massive amounts national debt — above that which the Unites States is already struggling with…
Chicago Sun-Times: House GOP doesn’t care about your taxes, your kids, or you
They don’t care about you.
They don’t care about your taxes.
They care about their corporate patrons above all, the big companies that pay for their election campaigns, put them in office and make them rich…
They don’t care about your kids’ educations…
They don’t care about your democracy…
They don’t care about your health…
As we keep pointing out, the House bill, like its evil twin in our own backyard, would chop the income tax rate for top earners, and slash the top rate for “pass-through” income earned by them, too.
Newsflash from the Heartland: This won’t end well, GOP…
Eighty percent of its cuts would go to businesses and to families — like the president’s, for example — who are so wealthy they would benefit from a provision ending the estate tax. (Already, the first $5.49 million can be passed on tax-free, or almost $11 million if you leave a spouse behind.)
Taxes would initially go down for most other Americans, too, but that infusion of extra cash would dwindle over time. And many of those who itemize deductions, to write off high medical costs, for instance, would pay more than they do now…
New York Times: A Tax-Cut Bill to Make Scrooge McDuck Proud
…What is this in service of? Republicans claim their big corporate tax cut will turbocharge the economy by encouraging businesses to invest, create jobs and give raises. Not even business chieftains believe this trickle-down argument. When an editor at The Wall Street Journal asked a gathering of chief executives this week if they would invest more if Congress enacted the Republican tax cut, few hands went up. Gary Cohn, President Trump’s top economic adviser, who was a featured guest on stage at the time, seemed befuddled. “Why aren’t the other hands up?” he said.
The administration’s cluelessness about how working people might see this cynical play for the rich was confirmed a day later when Treasury Secretary Steven Mnuchin and his wife, Louise Linton, were photographed with a sheet of freshly printed one-dollar bills with his signature, smirking like a couple of Disney villains…
San Diego Union-Tribune: This tax ‘reform’ would harm California
…The people who least need tax relief would instead save hundreds of billions of dollars through the elimination of the estate tax and the alternative minimum tax.
…the House bill would also harm California families at the low end of the income spectrum by eliminating types of tax-exempt bonds that now pay for roughly half of all U.S. affordable housing projects. Private activity bonds are issued by state or local governments and sold to companies to help pay for needed public projects — typically, housing, hospitals and infrastructure.
San Francisco Chronicle: Tax reform — look out, Californians
Republicans are gambling that the corporate tax cuts, in particular, will stimulate enough economic growth to avoid deficits that otherwise could reach $1.5 trillion. If that gamble falls short, the long-term impact on Californians, and all Americans, could be devastating.
Seattle Times: Tax plan shouldn’t ax affordable housing
Add affordable housing programs to a list of things House Republicans targeted to make way for deep corporate tax cuts. The tax plan the U.S. House of Representatives approved Thursday would eliminate private activity bonds, a financing tool used to build much of the country’s affordable housing. Over the past 30 years, the tax-exempt bonds have helped build nearly 55,000 affordable apartments for working families in Washington state, with about 24,000 of those in King County.
St. Louis Post-Dispatch: Ominous implications for Missouri, Illinois in tax-cut bills
Taxpayers who itemize deductions on their federal forms could lose a deduction for the state and local tax they pay, which knocks an average of 6 percent off their federal returns.
Republicans want to do away with that deduction, which mostly benefits upper-middle-class taxpayers in high-tax states that just happen to vote Democratic. No one knows what the final GOP tax-cut bill will look like, or even if it will pass. The devil will be in the details, and in Missouri and Illinois, the devil is frightening.
The Republic [MA]: GOP tax code overhaul: Smoke, mirrors, shenanigans
Both bills, though, focus on providing permanent tax relief to corporations. As for regular people? those who are already quite well off will face no problems – there’ll be big breaks for them, too – but people in the middle class and those who are lower down on the economic ladder will see huge tax increases down the line.
Many graduate students, who might receive only $20,000 in actual cash per year, could not cope if they suddenly had to pay income taxes on $50,000 of waived tuition. The best international students would no doubt look to attend graduate school outside the United States, preventing the country from attracting and keeping future innovators. No doubt some of the best American students would leave, too.
Yet this fate is exactly what the GOP tax bill the House approved Thursday would provoke in its provision insisting that graduate students treat tuition waivers as taxable income.