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ARE YOU THANKFUL FOR MEDICARE, MEDICAID AND CHIP??
SIGN OUR PETITION SAYING “NO THANKS” to the House and Senate CORPORATE TAX GIVEAWAYS!
The richest households and big multinational corporations that offshore profits and jobs will get a virtual cornucopia of tax breaks and perks on the House and Senate tax bills. Over 70% of the tax breaks in each bill go to big corporations in the form of lower taxes on foreign profits, a lower corporate tax rate and other benefits.
To pay for these big tax breaks for corporations, CEOs and shareholders, Republicans plan to carve up health care and public services that our families depend on every day. These plans already call for slashing $1 trillion from Medicaid, nearly $500 billion Medicare and, now, for repealing a key part of the ACA that would add 13 million people to the rolls of the uninsured.
Repealing the ACA has already failed multiple times in Congress, but Senate conservatives have put it back on the menu in order to pay to a permanent tax reduction for corporation from 35% down to 20%. The Congressional Budget Office (CBO) estimates that coverage losses under this proposal would raise the rate of uninsured people from 11% to 16%, increase premiums for about 7 million middle class people by about 10%, and lead to even more instability in insurance markets.
Corporate tax giveaways will give high-income households and CEOs a lot to celebrate this Thanksgiving. The Tax Policy Center estimates that by 2027 these corporate tax cuts would provide a $14,890 tax break for households with incomes over $1 million and $94,540 for households in the top 0.1 percent (those with incomes over $3.1 million in 2017).
While corporations and the wealthy will be gorging themselves on a veritable feast of tax cuts, the rest of us will have little to grateful for under these proposals. Middle-income families would get paltry leftovers—about $120--from these tax cuts in the Senate bill. Many middle class people will actually see their taxes increase because the plan will take away key deductions like the State and Local Tax Deduction (SALT), key education and tuition deductions and exemptions, the medical expense deduction and many others that lower middle class families’ tax bills.
Poor people, people with disabilities, seniors and low-income workers would lose the most under these proposals as Medicaid, Medicare, SNAP, Pell Grants, housing, transportation and virtually every other service they depend on will be cut, starving our communities, families and neighbors, to pay for these massive tax giveaways.
SIGN ON TO SAY “NO THANKS” TO CORPORATE TAX GIVEAWAYS!
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