Republicans To Increase Taxes For More Than 5 Million Older Americans
November 30, 2017
Republicans are trying to force a vote on their tax bill before people know what’s in it, because they know how unpopular their proposals are. But what we already know is damaging enough, including that more than 5 million older Americans would pay higher taxes, while big corporations and the top 1% get massive tax giveaways.
More than 5 million older Americans could pay higher taxes, and more than 10 million would not receive any tax cut under the Republican tax bill.
AARP: “As a result of sunsetting the SFC’s middle-class tax cuts, the projected number of taxpayers 65+ experiencing a tax hike would jump more than four times in eight years from 1.2 million in 2019 to 5.2 million in 2027. Add the 5.6 million older Americans who would see no tax change in 2027, and the total number of taxpayers 65+ not receiving a tax cut rises to 10.8 million.”
Experts and CEOs continue to oppose the Republican tax plan, calling it a “grand deception.”
Reagan Tax Cut Architect: “What they have here is a big tax cut for the rich paid for with random increases in taxes for various constituencies. It’s ridiculous. And it’s telling that they are ramming this through without any debate. All of the empirical evidence goes against the tax cut.”
Former CEO of Stride Rite: “This tax bill is a grand deception. It hurts the most vulnerable, and hurts health care and education, which are essential for a healthy economy.”
Republicans want to force a vote on their bill before people find out what is in it and see how disastrous it will be.
New York Times Editorial: “The longer people have to study the details, the less likely the bill is to pass.”
Former Reagan Treasury Official: “That they are moving so quickly to not allow these estimates to be part of the debate is legislative malpractice. The JCT has spent millions of dollars and untold man-hours building these models at the behest of the Republicans, and now they are going to ignore them. That's why I call it ‘waste.’”