Republican Tax Scam: Corporate Tax Cuts On Backs Of Middle-Class Families

The Senate Republican tax plan is one big scam that hurts middle-class families, all so Republicans could please their corporate donors with big tax cuts. See for yourself:

The Republican tax plan would make small middle-class tax cuts temporary, while keeping large corporate tax cuts permanent:

Washington Post’s Wonkblog: “The essential gamble of Republican plans to overhaul the tax code is now becoming clear: Big businesses get a large, permanent tax cut, while American families receive only temporary tax relief that expires as soon as 2023 in the House bill and 2026 in the Senate bill. In the House bill, the tax increase would mostly hit moderate and middle-income families because a credit designed to help them expires after five years.

Los Angeles Times: “Senate plan would make individual tax breaks temporary while corporate cuts would be permanent

Republicans would let corporations keep deductions while restricting them for working families:

Business Insider: “Everyone agreed that corporations could still deduct state and local taxes as a business expense under the plan, the Tax Cuts and Jobs Act. Everyone also agreed that individuals are limited to a deduction of $10,000 in property taxes but can’t deduct sales or income taxes.”

CNBC: “However, millions of middle-income people could end up seeing a tax increase, due to the plan's elimination of provisions like state and local tax deductions.”

And corporations say they won’t use their tax cuts to benefit middle-class families, despite Republican lies that they would:

CNBC: “CEOs raise doubts about Gary Cohn's top argument for cutting the corporate tax rate right in front of him”

Wall Street Journal’s Tim Hanrahan: “1. Tax-overhaul backers say corporate rate cut will encourage investment by businesses 2. During #wsjceocouncil interview with Gary Cohn, WSJ asks CEOs to raise hands if they'll boost investment if rates cut 3. Few CEOS raise hands 4. Cohn asks: ‘Why aren't the other hands up?’”

Reuters: “CEOs suggest Trump tax cut may lift investors more than jobs

Millions of middle-class families would face tax increases under the Republican plan:

New York Times: “The Senate bill unveiled on Thursday would raise taxes on millions of middle-class families, according to a preliminary New York Times analysis.”

Wall Street Journal: “Tucked into Republicans’ tax overhaul bill is a technical tweak to how inflation is measured. The change is designed to hold down the deficit, but over time it becomes a significant tax increase that hits many of the same middle-class households who start out as the plan’s beneficiaries.”