We Lose, Wealthiest Win in GOP Tax Reform Bill

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December 20, 2017

Contact:
Karen Strickland, 206-432-8080 (w); 206-326-0685 (c); kstrickland@aftwa.org
Sylvia Watson, 206-432-8084 (w); 206-261-3603 (c)

Statement by Karen Strickland, President
American Federation of Teachers Washington

 

Today Congress passed a devastating tax plan in which 83 percent of the benefits will go to the top 1% percent by 2027, and where Americans earning less than $75,000 a year will be paying more so tax cuts can go to the wealthiest, big corporations, and foreign investors. 

This is greed pure and simple. President Trump and members of Congress passed a bill that will benefit their coffers at the expense of our communities and working families. This unpopular bill was not supported by the majority of Americans and independent economists’ analyses found the middle-class will be hurt.

Our government is how we work together to solve problems, invest in opportunity and strong communities, and build an economy that works for everyone. Instead the President and the GOP are writing their own rules and hijacking our democracy and financial security by ramming this bill through with little concern for how it harms our country.

They capped the state and local tax deduction. This deduction allows Americans to deduct from their federal taxes the amount they paid in sales and property taxes to their local and state government that helps pay for public safety and education among other services. They repealed part of the Affordable Care Act requiring mandated individual health insurance so millions will lose insurance coverage. They reduced the estate tax so those with estates valued at more than $11 million for individuals and $22 million for couples will inherit tax-free fortunes.

In all, this tax plan will increase the federal deficit by an estimated $1.4 trillion over 10 years likely leading to cuts in Social Security, Medicaid, Medicare, public education, public safety, and the social safety net to pay for billionaire tax breaks.

We know what to do to reverse this. Stand together, vote, and make sure we elect representatives who advance our values and invest in ladders of opportunity for all, not in the wealth of the already wealthy.

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