Yesterday was a sad day for our country and for working families. The Republican Controlled Congress ignored the voices of their constituents, including tens of thousands of UAW members and retirees, to deliver tax cuts to the wealthy and corporations that American workers and their families will feel for generations.
It provides major incentives for corporations to send jobs overseas. Corporations investing in the United States will pay 21 percent in U.S. tax while ones that outsource those same jobs would pay far less. This new bill does nothing to boost wages and create good jobs. Paul Krugman summed it up best as “…a bill that treats anyone who works for someone else — that is, the clear majority of Americans — as second-class citizens.”
This law cuts taxes for millionaires and billionaires and heirs of the wealthiest estates will get yet another windfall. According to the Tax Policy Center, the richest 1 percent of taxpayers get 21 percent of the tax cuts in 2018 and by 2027 they will get 83 percent of the tax cuts.
The bill provides large tax breaks for the wealthy by raising taxes for many working-class families and worsening income inequality. Over 70 million households making less than $100,000 annually will pay higher taxes by 2027. The bill will create a hole in the budget that will jeopardize funding for programs essential to working families and retirees. It triggers $25 billion in automatic cuts to Medicare annually. Tens of millions of Americans will face higher health insurance premiums or lose their health insurance entirely because of this law.
Anti-worker politicians have made no secret that they will next try to cut Medicare, Social Security, and, Medicaid. UAW members and retirees will remember those who fought for them and those who did not.
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