Republicans trying to rush passage of massive tax cuts for big business and wealthy
On Nov. 16, House Republicans—including every Republican representative from Illinois—passed a major revision of the tax code which gives big tax breaks to corporations, while weakening access to health care for many middle-income families.
Republicans in the Senate are now pushing hard to pass another version of the corporate tax giveaway bill, which could actually increase taxes on families making less than $75,000 a year.
The GOP tax plan is very unpopular. Recent polls say only 30 percent of Americans support the plan and most believe they won’t see a cut.
The so-called tax reform package could hurt middle income homeowners, anyone with student debt to pay off, and taxpayers in states like Illinois who will lose an important deduction.
Both the House and Senate versions of the tax legislation would cut the corporate tax rate from 35 percent to 20 percent, reduce some personal taxpayers’ rates and erase or reduce available deductions for individuals. The bills both are projected to grow federal deficits by $1.5 trillion over the next ten years.
Fundamentally, it’s a “bait and switch” scheme because the cuts that are available for individuals will eventually be phased out, while the corporate tax cuts are locked in place.
Republicans are trying to rush through the plan with as little scrutiny as possible because the more Americans know about this so-called “tax reform” the less they like it.
Around the country AFSCME members are mobilizing to try to block passage in the Senate. Here in Illinois, Senators Durbin and Duckworth have already committed to vote NO.
