January 9, 2018

Breakdown of Trump-GOP Tax Giveaway Law

 

HERE IS WHAT THE TRUMP-REPUBLICAN TAX GIVEAWAY LAW DOES:

As of March 8, 2018

  • Gives a massive tax cut to millionaires and corporations. Over 80% of the $1.5 trillion in tax cuts will go to the richest 1% by 2027, when fully phased in. This year, the top 1% will get an average tax cut of $51,000 per household.
  • Gives corporations a permanent tax rate cut, but a temporary tax cut to individuals and families. The corporate tax rate is slashed from 35% to 21%.
  • Puts Medicare, Medicaid, Social Security, public education, and other services for working families on the chopping block by adding $1.5 to $2.2 trillion to the national debt. Trump’s 2019 budget proposes trillions in cuts to Medicare, Medicaid, Social Security, education and many other critical services.
  • Partially pays for the tax cuts by stripping 13 million Americans of their health insurance, which will then raise insurance premiums by 10% on the individual market. The insurance hike will cost a typical family $2,000 more per year if their premiums are not subsidized.
  • Kills jobs and encourages more corporations to outsource their operations. The law exempts a large share of the foreign profits of U.S. corporations from U.S. taxes, and taxes the remainder at half the rate on domestic profits.
  • Hands a $400 billion tax break to corporations with $2.6 trillion of untaxed profits offshore at the end of 2017. Apple will save $40 billion and Microsoft is likely to save $25 billion.
  • Reduces the popular state and local tax deductions used by millions of middle-class families. This will put pressure on state and local budgets, forcing cuts to education and other local funding priorities.
  • Gives an $11 million a year tax cut to Donald Trump. It doesn’t close any special interest loopholes for real estate developers that benefit Trump and opens up new ones.
  • Will do little to boost the economy or create jobs. Big corporations like Walmart, Comcast and AT&T who lobbied for the bill have already announced large layoffs, because tax cuts create few jobs or “trickle down” to workers.
  • Opens the pristine Arctic National Wildlife Refuge to oil drilling.

Source: http://bit.ly/2FiTuOJ