As Wall Street and big corporations tally up their gains under the Republican tax giveaway, it is becoming more apparent who is going to pay for this windfall and how. Here are nine ways we will lose.
- Home ownership: This bill would reward wealthy Americans’ investment in corporate stocks at the expense of middle America, whose primary investment is their home.
- Affordable housing: Eliminating the deduction for investing in a type of bond issued to fund about half the low cost housing in the United States will worsen this crisis.
- Manufacturing jobs: American companies would pay 20% on domestic profits, but only 10% on the income derived from foreign subsidiaries, increasing the flow of jobs out of the country.
- Unions: While ‘right-to-work’ laws block unionization in many places, this bill also ends the deduction for union dues.
- Medical care: The only thing saving some Americans from bankruptcy is the deduction they can take for medical expenses that total more than 10% of their income. Catastrophic medical costs are already the leading cause of bankruptcy and this bill will result in more insolvency.
- Health insurance: 13 million people will lose their health insurance and premiums are expected to rise by 25%. Preventable deaths would increase by an estimated 15,600 each year.
- Graduate education: The House bill would tax the value of the tuition waived for grad students who conduct research or teach, making a graduate degree only for those rich enough to pay.
- Public schools: Wealthy families could now use tax savings plans to pay tuition to private K-12 schools.
- Democracy: The greatest share of these tax benefits would go to the heirs of massive fortunes, people who have never held a job, but who will use some of the loot to buy a personal Senator or Representative.
It is an irresponsible piece of legislation, anti-American at its core, and, as such, should incite a firestorm against these paid political hacks and their agenda.
Stay angry. Speak up.