GOP Tax Law
Republican Tax Law Shortchanges Workers & Our Economy
Instead of working with Democrats on bipartisan, comprehensive tax reform, Republicans enacted partisan legislation that neither helps the middle class nor promotes fiscal responsibility. Their tax law provides massive tax breaks to the wealthy and big corporations while raising taxes on everyone else after the first few years. 83% of the benefits of this law go to the wealthy and corporations; only 17% goes to working families. Moreover, the GOP tax law contributes to raising the deficit by more than a trillion dollars every year for the next decade.
Republicans jammed their legislation through Congress without hearings or allowing Americans to provide input about how it shortchanges middle-class families. Now that it has been enacted, everyone can see that it hasn’t dramatically benefited the middle class or small businesses and that it’s bringing further strain to our nation’s finances, which Republicans will use to justify slashing Social Security, Medicare, and Medicaid.
Democrats will continue working to promote the principles of fair, bipartisan tax policies that benefit the middle class and don’t explode the deficit. Furthermore, as Republicans now turn to their plan to gut Social Security, Medicare, and Medicaid in order to offset the deficits their tax law created, Democrats will stand firm in defending these programs so they can benefit Americans today and in the future.
Republicans jammed their legislation through Congress without hearings or allowing Americans to provide input about how it shortchanges middle-class families. Now that it has been enacted, everyone can see that it hasn’t dramatically benefited the middle class or small businesses and that it’s bringing further strain to our nation’s finances, which Republicans will use to justify slashing Social Security, Medicare, and Medicaid.
Democrats will continue working to promote the principles of fair, bipartisan tax policies that benefit the middle class and don’t explode the deficit. Furthermore, as Republicans now turn to their plan to gut Social Security, Medicare, and Medicaid in order to offset the deficits their tax law created, Democrats will stand firm in defending these programs so they can benefit Americans today and in the future.
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Man, these headlines cannot be what Leader McConnell was hoping to see this morning.
Deficit hawks—we’ve got news for you and you’re not going to like it. Both the Peter G. Peterson Foundation and the Center for a Responsible Federal Budget had some harsh criticism of the GOP Tax Scam:
I was walking down the hall just a few minutes ago, going to a meeting on the Senate side. And Ed Markey, with whom I’ve served for many years in the House of Representatives was walking by, he and I have been here a long time. And we stopped, and we looked at one another sort of shaking our heads.
Even when applying Republicans’ favored analytical tool of ‘dynamic scoring,’ their tax cuts would not come close to paying for themselves.
…for that economic analysis that Treasury Secretary Mnuchin promised would show that the GOP Tax scam would pay for itself with economic growth.
…if they’ve read the actual bill they’re about to vote on. (Spoiler: They haven’t.)
Wanted to make sure you saw this letter from AARP opposing the Senate tax bill.
While Republicans continue to claim that their tax scam will grow the economy and create jobs, CEOs and economists are pointing out this bill won’t have the trickledown effect that the GOP is promising.