House Tax Plan Makes Working Families Pay for Corporate Tax Cuts

CWA President Chris Shelton issued this statement on the Republican tax plan passed today by the House of Representatives.

Today the House voted to cut taxes for corporations and the 1 percent and make working families pay.

By supporting this plan, House Republicans finally abandoned the pretense that their tax plan will help middle class families. According to the congressional Joint Committee on Taxation, in fewer than 10 years, millions of middle income families will be paying higher taxes. Many families will see their taxes increase immediately.

Across the board, members of my union and middle class families will be hurt by this plan, whether by the loss of the medical expense deduction, new taxes imposed on education benefits, the inability to deduct interest on student loans, the loss of the state and local tax deduction, or the forced budget cuts to Medicare and other critical programs.

In the Senate plan, all the changes that could help middle income and working families are temporary. That would result in as many as 47 million middle income families paying higher taxes in just a few years.

The tax cuts for corporations, however, are permanent. These corporate tax cuts are being proposed at a time of unprecedented corporate profits, and this tax plan gives corporations new incentives to send jobs overseas.

Read the full statement here.

At a Wall Street Journal forum, CEOs attending were asked if they plan to increase their company's capital investments if the GOP's tax bill passes. Just a few hands go up. "Why aren't the other hands up?" Trump’s chief administration economic advisor Gary Cohn asks.

~~~~

CWAers rallied against the Republican tax bill in Washington, DC.

~~~~

In Nashville, Tenn., CWAers and allies rallied outside a Wells Fargo office to protest corporate tax cuts that will send more jobs overseas.