November 21st, 2019Follow on Twitter
November 20th, 2019Follow on Twitter
House and Senate Republican Tax Plans
Raise Taxes on Millions of Middle Class Families
Official Tax Scorekeeper Finds House and Senate Republican Tax Bills Immediately Raise Taxes On Millions of Middle Class Households
Analysis of the House and Senate Republican tax bills by the Joint Committee on Taxation, Congress’ official tax scorekeeper, finds that in 2019 both plans increase taxes on nearly 13 million middle class families.
In a bill that gives $1.5 trillion in tax giveaways to wealthy corporations and political donors, House and Senate Republicans have managed to immediately increase taxes on millions of hardworking Americans.
Republican Tax Scam Puts an Economic Double Standard Into Black Letter Law
At the core of the House and Senate Republican tax plans is an economic double standard.
While the middle class gets temporary tax relief, both Republican plans give permanent tax cuts to multinational corporations that ship jobs overseas. The result? By 2027, these Republican bills increase taxes on one in five middle class households earning under $200,000.
The House bill repeals the family tax credit in 2023. Combined with slower inflation adjustment, this leads to tax hikes for at least 35 million middle class households earning under $200,000.
In the Senate bill, all temporary middle class relief vanishes by 2026. This causes taxes to increase in 2027 for at least 38 million middle class households.
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