A Tax Plan for Millionaires
In spite of public outcry and expert economic insight finding this bill overwhelmingly favors the wealthy, conservatives in Congress successfully passed their tax proposal through the House.
Let’s run through the basics of what this bill would do. It would raise taxes for 36 million middle-class families, eliminate the medical expense deduction, and could trigger a $25 billion cut to Medicare next year. It also dismantles the State and Local Tax Deduction (SALT), which more than 120,000 Monroe County households claimed in 2015. The bill is bad for hard-working families, homeowners, those with long-term care needs, our veterans, and more.
It also attacks students by eliminating the student loan interest deduction and lifetime learning credits, destroying a key safeguard for young graduates and workers getting the job training they need to succeed in a competitive 21st century economy. A study by the Center for American Progress estimates that more than 780,000 students across New York will be affected by this change.
Who is spared under the Majority’s proposal? We already know the answer: the richest one percent and mega-corporations that are shipping good-paying jobs overseas. This proposal hands the wealthiest in our country nearly 50 percent of the tax cuts while exploding the national deficit by $1.5 trillion.
Making the rich richer should not be Congress’ top priority. Like many of you, I am outraged by the Majority’s move to steamroll ahead with a bill that would hurt millions and I was proud to vote no.