Here’s what you need to know about the Senate GOP Tax Plan

by Communications Office

The Republicans handled the Senate Finance Committee markup process with shameful and reckless haste. Republicans used the Thanksgiving holiday to meet behind closed doors so they can take their tax bill to the Senate floor for a vote as early as this week.

Millions of hard-working people are facing a tax increase, higher insurance premiums and worse health care, but it’s not too late for Americans to speak out. So pick up the phone, write a letter, and tell your friends and families to get engaged. The American people can stop this bill in its tracks.

What you need to know about the bill:

The Senate GOP tax bill is a con job. It would give massive handouts to multinational corporations and political donors at the expense of middle class Americans. Because of this bill, millions and millions of low-income and middle-income Americans are going to get hit with a tax hike they can’t afford. 

 

 

The GOP tax plan isn’t just tax injustice. It’s now an attack on health care. 13 million Americans are going to get kicked off their health care. Premiums will skyrocket for millions more. All because of massive handouts to corporations.

 

 

It’s an economic double standard. Temporary tax cuts on the middle class will pay for permanent tax cuts for multinational corporations. In 2021, working families are staring at a tax hike of nearly $6 billion dollars. In 2027, families that earn $75,000 and under are staring at a $27 billion tax hike. But corporations are guaranteed permanent, lasting and across-the-board tax cut.

  

  

The GOP tax plan’s child tax credit would exclude moms, dads and caregivers who need it most.

 

It also targets Oregonians and families in communities across the country where the American dream has sparked economic growth and lifted families into the middle class  

 

Recommended reading:

Senate GOP Tax Plan Raises Taxes on Middle and Lower Income, Adds Millions to Uninsured, to Pay for Corporate Tax Cut – Center on Budget

Senate Republicans’ new $2,000 child tax credit helps them — but doesn’t really help the poor - Vox

Senate tax bill would cut taxes of wealthy and increase taxes on families earning less than $75,000 by 2027 – Washington Post

Obamacare’s individual mandate, the new target in the GOP tax plan, explained – Vox

New Analysis Finds Senate Tax Bill Results in Premium Increases for Many Who Buy Their Own Coverage; Wealthiest to Benefit Most from Any Offsetting Tax Cuts – Commonwealth Fund

 

Ron Speaks Out: