Senate tax plan rewards the richest, hurts millions
Posted December 06, 2017 in Press Releases
Like the House bill, the Senate’s newly-passed tax plan is a costly giveaway to the very wealthy and major corporations at the expense of students, elderly Ohioans and struggling families. Senator Rob Portman promoted and voted for the bill, and all Ohio Congressional Republicans voted yes. Both houses still need to vote on a final bill that reconciles the differences between the House and Senate versions. We urge Ohio lawmakers to stand with everyday Ohioans and reject the final tax bill.
Both the House and Senate versions give lavish tax cuts to top earners and corporations permanently, while initial tax cuts to middle and lower income households will be phased out. Millions among the bottom 60 percent of taxpayers in Ohio pay higher taxes by 2027.
Under the Senate plan, people won’t be required to have health insurance. As healthy people opt out, insurance premiums will rise, pricing others who need care out of the market. The Congressional Budget Office estimates 13 million Americans will lose health care coverage. Under the House plan, taxes on student loan repayment and some forms of financial aid will rise, hurting college students. The deficit will balloon by up to $1.4 trillion, paving the way for deep cuts in everything from food assistance, education, Medicare and Medicaid to infrastructure.
Earlier this year, President Trump’s budget proposal along with budget resolutions passed by both houses of Congress laid out plans for deep cuts in federal resources for infrastructure, college opportunity, elderly people, and struggling families. If the GOP tax bill passes, Congress will pay for huge tax cuts for the wealthy and corporations by imposing these spending cuts. Policy Matters highlighted some of what’s at stake with congressional district fact sheets and an interactive map.
Small changes will not fix the bills’ fundamental flaws. The merged tax bill that comes out of conference committee will be more of the same – offering little to most working families while hurting many. Instead of tax cuts and breaks for those who need it the least, Ohio’s members of Congress should invest in working people and families.