Pending Congressional Passage Will Adversely Affect Middle- and Lower-Income Residents While Enriching Billionaires and Wealthy Corporations
WARWICK, R.I. – “The Republican-controlled United States Congress is taking action on a tax reform package that will decimate our middle- and lower-class families while enriching wealthy corporations and the upper 1-percent of Americans,” said Rhode Island Democratic Party Chair Joseph M. McNamara Tuesday. “How does that benefit the middle-income wage-earner?” McNamara’s comments come on the heels of complaints Democratic leaders nationally are voicing.
According to information prepared by the Tax Policy Center, “In general, higher income households receive larger average tax cuts as a percentage of after-tax income, with the largest cuts as a share of income going to taxpayers in the 95th to 99th percentiles of the income distribution.” (emphasis ours.) “On average in 2027, taxes would rise modestly for the lowest-income group, change little for middle-income groups, and decrease for higher-income groups, the report went on to say. (http://www.taxpolicycenter.org/feature/analysis-tax-cuts-and-jobs-act)
“Compounding the pain of these tax increases will be the Senate’s planned repeal of the ACA individual mandate. So, for the GOP-led Congress to try to sell Americans on the false notion that this is a great deal for them is pure nonsense: their plan will provide trillions of dollars in giveaways to the wealthiest, on the backs of working families,” McNamara said. “And if the President actually released his tax returns, we’d know exactly how much he, himself, will benefit.”