Big ‘gift’ to Americans will be a lump of coal
The proposed Republican tax plan is described by President Trump as an early Christmas present. For large corporations and the very wealthy this is indeed true. For working families a lump of coal will be our “gift.” The rich will get richer as we struggle to support the tax cuts for the wealthy.
What will change for working families and those on fixed income such as seniors?
I will mention a few surprises you may want to consider. The deductions for healthcare expenses over 10 percent of income will disappear, there will be a cap on mortgage deductions, students will be taxed while trying to work their way through school, students will lose the deduction for the interest on their student loans, there will be less funding for state schools, taxpayers would not be able to write off charitable gifts, Medicaid will suffer cuts, and the future of Social Security may be in jeopardy.
These are just a few provisions that will result in an increased tax burden for middle income and poor citizens.
Oh, did I mention, if passed, the bill would create a trillion and a half federal deficit! What happened to Republicans who railed against deficits?
Yes, if we allow this bill to be passed by Congress, working people would get the shaft while corporations, wealthy investors, foreign investors and the super rich receive windfalls of billions per year.
The bill is being considered in the Senate so I encourage you to contact Rob Portman to register your opinion on this tax bill. Sen. Portman’s D.C. phone number is 202- 224-3353.