Working people are mobilizing to kill the GOP tax bill, which is losing support in the Senate after passing the Republican-controlled House. The bill is one of the least popular bills from Congress in living memory because:
- Millions of working people would pay more. More than 93 million taxpayers would pay more in taxes, including 66% of middle-income taxpayers.
- Millionaires and Wall Street would make out like bandits. The richest 0.1% would get an average tax cut of more than $208,000, and 62% of the benefits of the Senate bill would go to the richest 1%.
- Special tax breaks for outsourcing would kill jobs. The Republican tax plan would lower the U.S. tax rate on offshore profits to zero, giving corporations more incentive to move American jobs offshore.
- Working people would lose health care. Some 13 million people would lose health insurance, and health care premiums would rise 10% in the nongroup market.
- Ending deductions for state and local taxes would attack state and local investments in education and infrastructure, which would raise taxes on working families or kill hundreds of thousands of jobs in construction and education.
- It would cut Medicaid and Medicare by $1.5 trillion—which is what the GOP tax bill would add to the deficit.
Instead of rushing this bad bill forward, Congress should use the tax code to make Wall Street and the rich pay their fair share, so we can invest in public education and infrastructure to create jobs, lift working people and make America more competitive in the world economy.