The Republican tax bill that squeaked through Congress in the dead of night last week has 479 pages, but the summary is simple: It hurts working people to give handouts to Wall Street and the rich. The bill:
Lowers taxes on the 1%. In an era marked by staggering economic inequality, the GOP dramatically lowered taxes on billionaires like Donald Trump by about $500 million.
Pays companies to outsource jobs. Major corporations may be able to cut their taxes to zero by sending jobs and investments overseas, at a cost of $500 million to taxpayers.
Raises taxes on poor workers. Millions of working people will get smaller deductions and tighter restrictions, all to give a few individuals like Treasury Secretary Steven Mnuchin a massive tax break.
Hurts America’s future. The GOP tax bill hurts students in a number of ways, including by ending the tax credit for interest payments on student loans.
Still, this tax bill is far from being law. The House and Senate passed two different bills, which give working families more time to fight it. Instead of giving handouts to powerful corporations, Congress should fight for our jobs and our communities.
Kitchen Table Economics
More than $400 billion: That’s how much in cuts to Medicare the new GOP tax law will trigger, according to the nonpartisan Congressional Budget Office.