Call your Rep: NO on House tax reform bill.
After repeatedly failing to repeal Obamacare, Republicans are eager for a legislative win on tax reform by the end of the year. Senate Republicans revealed a tax reform bill last week that gives tax cuts to corporations and wealthy business owners (big surprise!), while a similarly terrible bill is working its way through the House of Representatives. Today’s #DailyRevolution is to call your Rep and voice your opposition to the GOP tax reform bill.
This week the full House of Representatives is voting on a tax reform bill they’re calling the Tax Cuts and Jobs Act. Despite this catchy name, the bill is bad for any number of reasons. According to the Congressional Budget Office (CBO), the Republican tax plan would create a $1.7 trillion deficit over ten years — putting the country in deeper debt while giving tax cuts to the wealthiest in the country.
Like the Senate bill, the House bill would benefit corporations by cutting the corporate tax rate from 35 percent to 20 percent, and ultimately eliminating the estate tax (which only applies to estates worth $5.6 million or more). Republicans argue that cutting taxes will encourage businesses to spend this money creating jobs, thus boosting the economy (also known as trickle-down economics) As the NYT puts it, there’s “little empirical evidence for” this argument; in fact, in there was no such surge in income after Congress slashed the corporate tax rate in the 1980s, nor was there in Britain as it cut its corporate tax rate in recent years.”
While the bill purports to reduce household income tax rates, Congress' nonpartisan Joint Committee on Taxation found that a large number of middle class families would actually face significant tax increases. But that’s not all: In addition to making the rich richer at the expense of the middle class, the House bill would also:
Increase taxes for anyone with student loans. Currently, those with student loans can take advantage of a $2,500 tax deduction. The House plan would eliminate this tax deduction for student loan interest payments.
Increase taxes on graduate students by nearly 300%, a move that will make higher education out of reach for many.
Reduce the construction of affordable housing units by 1 million over ten years.
Eliminate the $250 tax break for teachers who spend their own money on class supplies. (Many teachers spend $500 annually to buy their students basic necessities like pencils.)
Keep tax breaks for fossil fuels while targeting renewable energy. The bill eliminates benefits for electric cars and cuts a production credit for wind generators, making cleaner energy more expensive.
Call your Rep today and urge them to oppose this bill, which would be the biggest rewrite of the tax code in thirty years. Dial our shortcut number: 202-858-ANYR (202-858-2697). Enter your zip code and our service will identify your representatives and connect you directly to their D.C. offices. You won’t get a busy signal or have to keep calling back.
** Please be courteous, and if you have to leave a message, be sure to leave your city/state/zip code to be tallied! The quicker you get your calls in, the more opportunities there are for other callers to get through.**
GOP Tax Plan: The Biggest Winners and Losers - Rolling Stone
All Your Major Questions About The GOP Tax Plan, Answered - Washington Post