Issue Report ● GOP Tax Planfacebooktwitterbirdemail
For Immediate Release: 
November 28, 2017
Contact Info: 
Mariel Saez 202-225-3130
This week, Senate Republicans are expected to bring their tax bill to the Floor. Despite promises from Republicans that “everybody will benefit” and that their tax cuts for the wealthy will pay for themselves, it’s clear that this legislation is a scam on the American people. Here’s what you need to know about the bill:

1. The Senate GOP tax scam raises taxes on millions of middle class families.
  • Analysis from the non-partisan Tax Policy Center confirms that under the Senate GOP tax scam:
    • 82 million middle-class households will see a tax increase in 2027;
    • Americans in the lowest income brackets will be worse off under the Senate bill next year;
  • Similar to the House bill, the GOP tax scam temporarily cuts taxes for some in the middle class while the tax cuts for corporations are permanent.
2. The GOP tax scam cuts taxes on the wealthiest Americans and corporations.
  • Analysis from the non-partisan Tax Policy Center found that while 50% of middle class families will see a tax increase, 83% of the top 1% of earners will see a tax cut.
  • The bill doubles the exemption allowed under the estate tax, currently paid by only the wealthiest two in one thousand estates.
  • The bill also repeals the Alternative Minimum Tax, which exclusively benefits higher incomes, as 99% of those currently paying the AMT make more than $100,000.
3. The GOP tax scam explodes the deficit.
  • The consensus among economists is that the GOP tax bill will explode the deficit, leaving the bill for millions of middle-class families and children.
  • Both the Joint Committee on Taxation and Congressional Budget Office found the GOP bill will add more than $1.4 trillion dollars to the deficit over ten years.
4. The GOP tax scam would trigger Statutory Pay-As-You-Go cuts to Medicare and essential programs.
  • According to the Congressional Budget Office, the Senate GOP bill will mandate a $25 billion cut to Medicare next year alone and a $111 billion cut to national priorities such as assistance to farmers, student loans, and border security.
5. The Senate GOP tax scam dismantles the Affordable Care Act.
  • Senate Republicans are also using their tax bill to repeal the individual mandate. Previous scoring from the non-partisan Congressional Budget Office analysis shows 13 million Americans will lose health care as a result.
  • Dismantling the Affordable Care Act will also disrupt insurance markets and cause premiums to spike across the board.
  • By cutting subsidies that help Americans afford coverage, the Senate GOP bill stacks the deck against low-income and middle-class families by raising their taxes AND health care costs.
Senate Republicans are already voicing their concern over the GOP tax scam bill that leaves middle class households paying more in taxes while the wealthiest Americans see massive tax cuts:
 
Senator Steve Daines (R-MT): “Sen. Daines has concerns with how the tax bill looks at main street versus large corporations…The Senator wants changes to the tax cut bill that ensure main street businesses are not put at a competitive disadvantage against large corporations.” [The Hill, 11/27/17]
 
Senator Ron Johnson (R-WI): “If they can pass it without me, let them…I’m not going to vote for this tax package… I don’t like that process...I find it pretty offensive, personally.” [Wall Street Journal, 11/15/17]

Senator Jeff Flake (R-AZ): “I remain concerned over how the current tax reform proposals will grow the already staggering national debt by opting for short-term fixes while ignoring long-term problems for taxpayers and the economy. We must achieve real tax reform crafted in a fiscally responsible manner.” [Statement, 11/9/17]
 
Senator Susan Collins (R-ME): “Senator Susan Collins said the Republican tax plan passed by the Senate Finance Committee on Thursday ‘needs work….I want to see changes in that bill… I don’t think that [repealing the individual mandate] should be in the bill. I hope the Senate will follow the lead of the House and strike it…The fact is that if you do pull this piece of the Affordable Care Act out, for some middle-income families, the increased premium is going to cancel out the tax cut that they would get.’” [Bloomberg, 11/19/17]
 
Senator James Lankford (R-OK): “My concern is, if you slow down to actually implement it, that’s one thing…But when you assume a sunset on something that you may or may not actually sunset, you may set up other tax fights that you have in the future, or set up additional deficit.” [Politico, 11/24/17]
 
Senator John McCain (R-AZ): “When asked about the cost of extending expiring provisions, McCain stressed: ‘I’m always worried about the deficit.’” [Politico, 11/24/17]
 
Senator Bob Corker (R-TN): “Corker said he would not vote for a final bill unless it ‘reduces deficits and does not add to deficits with reasonable and responsible growth models. And unless we can make it permanent, I don’t have any interest in it.’” [The Hill, 10/04/17]
 
The American people also aren’t buying that the GOP bill will help anyone but the wealthy. From Quinnipiac Polls:
  • 52% of Americans disapprove of the GOP tax scam.
  • Nearly 60% of Americans say the Republican tax plan favors the rich at the expense of the middle class.
  • Only 36% of voters believe the GOP tax plan will lead to an increase in jobs and economic growth, while 52% do not believe it.
NBC/WSJ Poll asked “do you think that President Trump’s tax plan is a good idea or a bad idea?”
  • 25 % of Americans called the Trump tax plan a good idea.
  • 19 % of Americans say the tax legislation will significantly improve the economy.

Click here to read the PDF. 

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