4 Months Later, Trump’s Tax Bill Is Still Bad for Basically Everyone (with Two Exceptions: Millionaires and Corporations)
Four months ago, President Trump signed a tax bill into law whose benefits overwhelmingly go the super-rich — for example, a single tax cut is expected to net him and his family more than $11 million dollars a year. Since then, Republican lawmakers have been on a serious misinformation campaign to try to convince YOU that this bill is something to celebrate.
Despite efforts to paint this law as a boon for the middle class, the American people know better. The Trump tax law would benefit the wealthiest Americans. And in the end, women and families are left paying the price.
Let’s break this down. Last December, there was a lot of confusion about what the bill actually contained (remember how the Senate version of the bill appeared only hours before the vote, with changes scribbled in the margins?). Now that it’s law, we thought it might be useful to clearly state its impact:
- Nearly 83% of the tax breaks go to the richest 1% of Americans;
- 53% of American families will see tax hikes once this plan is fully phased into law by 2027;
- 92 million middle-class families will pay more in taxes by 2027;
- By repealing the Affordable Care Act’s individual mandate, the Trump tax law will cause 13 million Americans to lose health insurance coverage over the next decade; and
- The CBO found that this plan will increase health care premiums by 10 percent.
Are you angry yet? Because I am.
There are, however, plenty of ways for you to voice your displeasure! This weekend, leading up to Tax Day, you can exercise your first amendment right at one of the many tax rallies around the country. Join crowds of grassroots activists, lawmakers, and community leaders who are gathering at more than 100 events across the country to demand that Congress repeal the Trump tax law.
See you in the streets!