Washington Tax Scam: Bad for You, GREAT for Corporations!

Join us to protest Paul Cook’s Tax Scam this Sunday, Nov. 26 in Yucca Valley!

Republicans in Congress are pushing a tax bill that is BAD for the people of the desert and of California.  With this Tax Scam, families making $75,000 or less each year will end up paying MORE taxes to fund tax cuts for people making $500,000 and up.  Medicaid, Medicare, and Social Security will take big hits to fund permanent corporate tax breaks.  “Trickle-down economics” didn’t work the last time they tried it, and it won’t work this time, either.

Non-Partisan Analysis Shows The Tax Scam Will Overwhelmingly Benefit The Top—And Raise Taxes On The Middle Class.

The Senate Republican tax bill is being sold as a “gift to the middle class”—but it actually raises taxes on 94 million American families, all to give its biggest tax cuts to the wealthy and corporations.  Incomes below $100,000 essentially get nothing or face a tax increase by 2027.  (Analysis based on data from the non-partisan Joint Committee on Taxation, which is the neutral referee on tax legislation the way the Congressional Budget Office is for other legislation.)

Tax Cuts For The Middle Class Are Temporary.  Tax Cuts For Corporations Are Permanent.

Republicans are passing the Tax Scam through the Senate using a special process called reconciliation, and to meet the requirements of reconciliation Republicans have chosen to let the tax cuts they say are good for the middle class expire. When they do, families will see their taxes go up – so the tax cuts they’ve planned for corporations can be permanent.

Don’t believe Congress would ever let cuts for the middle class expire?  They’re doing it right now with funding for the Children’s Health Insurance Program.  This program insures nearly 9 million children from low-income families who otherwise would not have health insurance.  It expired on September 30, 2017, and Congress has done nothing to fix it.

The Tax Scam Adds $1.5 Trillion To The Deficit.

After years of decrying deficits as an existential threat to our country, Republicans are now changing their tune and letting their tax cuts for the rich add to the deficit. They say these tax cuts will magically pay for themselves by spurring new economic growth. But there’s no evidence to suggest that that’s true. In fact, when the non-partisan Tax Policy Center took into account new growth—a “dynamic” analysis that Republicans consistently say is missing from the debate—TPC found that the bill still adds $1.3 trillion to the deficit.  And as the deficit grows, Republicans will then insist on cuts to Social Security, Medicare, and Medicaid to make up for it.

When Kansas experimented with a similar tax plan it crashed their state’s economy. Revenue plummeted—counter to the expectation that tax cuts would “pay for themselves and then some”—and the state was forced to close schools early to close the budget gap. The legislature eventually reversed the tax cuts, all while Kansas lagged behind the rest of the country.

Donald Trump And His Family Will Be Some Of The Biggest Beneficiaries Of The Tax Scam.

Trump has been claiming for months that he won’t benefit from the Tax Scam, but we know for a fact that isn’t true. Two of the biggest changes Republicans want to make—repealing the Alternative Minimum Tax (AMT) and repealing the estate tax—would give Trump, Ivanka, and Don Jr. billions of dollars in benefits.

 

The Republican tax bill is designed to allow the wealthy to avoid paying taxes on their income now, and avoid paying taxes on their wealth later. There is no other reason that Republicans would spend over $800 billion of taxpayer money to repeal the AMT and the estate tax.

P.S.:  Our own Representative Paul Cook also personally benefits!

Paul Cook’s Congressional salary is $1754K, so he also directly benefits from the tax scam that he voted for!