November 28, 2017/Blog

15 Facts about the Tax Plan that you need to know

Republicans in the U.S. House passed a tax bill earlier this month claiming trickle-down economics will help the middle-class. But the numbers show a very different story. The wealthy and big corporations a huge payday, while many working families get a tax increase. Here are the facts you need to know about the tax plan:

1. 61% of Americans think that the tax bill would benefit the wealthy, only 6% said the bill would benefit low-income people.

2. It hurts teachers by removing the tax-credit that reimburses teachers for buying their own school supplies.

3. Over 830,000 Texas college students and graduates with student loans would not be able to deduct the interest paid on their loans.

4. The tax bill would force billions in Medicare cuts, putting over 3,600,000 Texas Medicare beneficiaries at risk.

5. It would further sabotage healthcare by repealing the individual mandate, which would raise premiums by double digits.

6. The tax plan is geared to companies and wealthy people, leaving some in the middle class bound to pay higher taxes, some lower.

7. Of the $1.5 trillion the plan is designed to cost over 10 years, $850 billion goes to companies, according to the government’s Joint Committee on Taxation.

8. The elimination of the estate tax and rate cuts on business income will only benefit the people of wealth.

9. About 80 percent of the total tax benefit would go to the top 1 percent of taxpayers by 2027, the report said. Their after-tax income would increase 8.7 percent.

10. The tax plan would replace personal exemptions but with a higher Child Tax Credit.

11. 37 of 38 economists said the GOP tax plans would grow the debt. The 38th misread the question.

12. A majority of small businesses oppose the Republican tax plan.

13. 52% agree that Republican proposals favor large corporations over small businesses.

14. 60% don’t believe the Republican tax plan would help level the playing field for small businesses.

15. The House Republican tax bill will not pay for itself, and would increase the deficit by about $1.4 trillion in 2027 and by about $4.2 trillion in 2037.