Tax Scam 2.0 Would Make A Bad Deal for Women Even Worse
Yesterday, one day after the U.S. Census Bureau released data showing that almost 16 million women 18 and over lived in poverty in 2017, the House Ways and Means Committee in its infinite wisdom passed a package of bills dubbed “Tax Reform 2.0.” This package would, among other things, make permanent the Trump tax law’s individual tax cuts. Not only do these provisions (like the rest of the new tax law) primarily benefit the very wealthy, but making them permanent would increase the deficit by an estimated $3.8 trillion(!) over ten years. The package also includes some other provisions, including a flawed proposal to create a new savings vehicle that (hold onto your hats, here) would also skew heavily to the rich.
It’s hard to overstate how wrong-headed the Committee’s approach is, for women and families. We need a tax system that works for all of us, not one that furthers inequality and threatens programs and services like food assistance and health care that help women and their families meet a basic standard of living. Rather than doubling down on more Trump Tax cuts, policymakers should reject this package out of hand.