Republican Tax Plan Hurts Workers, Risks Jobs

Republican tax proposals currently being considered in the Senate would hurt American workers and put hundreds of thousands of jobs at risk.

Republican tax proposals would hurt American workers and incentivize moving jobs overseas.

New York Times Editorial Board: “In addition, these bills would create new incentives for businesses to move production offshore and increase the trade deficit, which will benefit foreign economies and hurt the very factory workers Mr. Trump claims to fight for.

New York Times: “As for the international provisions, critics worry that freeing companies from taxes earned outside the United States would make it even more attractive for firms to send jobs, operations and profits overseas.”

Center on Budget and Policy Priorities’ Jared Bernstein: “At last count then, the tax-cut plan pushed by President Trump and the Republicans helps the haves at the expense of the have-nots, significantly worsens the debt, undermines health coverage, goes after education, creates big and new loopholes for the rich, incentivizes more offshoring of jobs and investment, and makes it harder for states and cities to invest in education and infrastructure.”

Republican tax proposals to eliminate the Lifetime Learning Credit would make it harder for workers to train for new jobs.

The Atlantic: “The GOP Tax Plan Would Make It Harder for Workers to Get New Skills

The Atlantic: “Some experts say that eradicating the LLC particularly harms workers who have been told that the key to success in the labor market is learning new skills. The LLC, according to Kim Rueben of the nonpartisan Tax Policy Center, is the only real option for workers who have or need more than five years of schooling, or who are enrolled in school less than half-time. And that’s many of the workers whose jobs are at risk.”

Republican tax proposals endanger hundreds of thousands of jobs in the education and clean energy sectors alone.

The 74 Million: “Ending the deduction, as the Senate bill proposes, would mean a loss of $370 billion in state and local tax revenue over 10 years, endangering 370,000 education jobs, according to an analysis by the National Education Association, the country’s largest teachers union.”

Fox Business: “According to Bloomberg, the tax plan would cut the wind industry’s 2.3-cent-per-kilowatt hour tax credit to 1.5 cents, which is estimated by congressional analysts to cut more than $11 billion in benefits to the industry over the next 10 years. Kiernan said the tax reform plan will lay off thousands of American workers across the country.”