Rejecting GOP Tax Plan “Will Fracture the Republican Party”
By Tim Canova — Candiate for Florida’s 23rd Congressional District
According to Republican Senator Lindsey Graham, there will be dire consequences for his party if House and Senate Republicans are unable to pass tax reform. Most Republican incumbents, he says, will face “a severe primary challenge, a lot of them will probably lose, the base will fracture, the financial contributions will stop, other than that it’ll be fine.”
Graham’s dire prediction should be enough motivation for us to organize against the Republican tax reform effort. But there are other compelling reasons to oppose the House and Senate tax bills. They were both crafted entirely by Republicans and the Trump administration, and not surprisingly they are both massive $1.5 trillion trickle-down tax cuts for the super wealthy at the expense of Main Street America.
In an analysis by Steve Rosenthal, senior fellow at the Urban-Brookings Tax Policy Center, foreign investors who own approximately 35% of the U.S.stock market will reap huge benefits from the House bill….more than three times the possible tax savings for the entire middle class combined.
And then there’s that special gift to wealthy campaign donors — the repeal of the estate tax. Under current law, this tax only affects 0.5% of estates, and its repeal will cost taxpayers approximately 700 billion dollars in revenue over 20 years.
In addition, the Republican House bill would overturn decades of U.S. tax policy by allowing tax-exempt religious organizations to engage in political campaigning on behalf of candidates. This would also violate the principle of separation of church and state by requiring taxpayers to subsidize the political speech of religious organizations.
To pay for these giveaways, deductions for mortgages and state and local taxes will likely be cut. To add insult to injury, the House bill would eliminate even the small deduction that school teachers receive for buying classroom supplies for their own students with their own money!
Senators Bernie Sanders and Elizabeth Warren have come out swinging against these Republican tax plans. Senator Warren has referred to the Republican plan as “the biggest tax giveaway to giant corporations in modern memory. The number one recipient of the House plan is Wells Fargo, the same huge bank that received billions of dollars in taxpayer bailouts and then opened millions of fake accounts to cheat its own customers.”
Other big winners will be wealthy foreign investors who will save $700 billion in taxes, and giant multinational companies that will receive huge tax breaks to invest in jobs overseas, instead of in the United States.
We need to shift IRS audit and investigation priorities from middle class and working Americans to huge corporations and wealthy individuals who avoid taxes through use of offshore tax havens.
Please call (202) 224–3121 and urge your Senate and House member to oppose these Republican tax plans.
How much sweeter if stopping such terrible legislation also helps to fracture the base of the Republican Party!
Let’s keep fighting for tax reform that benefits the American people and strengthens the foundations of our society.