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November 17, 2017

This week, House Republicans voted to move forward with a tax plan that raises taxes on working families in order to give tax breaks to the wealthy and special interests. Joint Economic Committee Democrats have compiled several resources outlining how this plan will be a disaster for working Americans.

House GOP Plan Raises Taxes on People Who Get Sick 

The House Republican tax plan raises taxes on millions of Americans with high medical costs through repeal of the medical expenses deduction. That means that someone with a chronic illness like cancer or diabetes may face a tax increase costing hundreds or even thousands of dollars. Find more on how the plan that passed yesterday would raise taxes on the sick here.

House GOP Tax Plan Makes Owning a Home Harder 

Homeownership plays a fundamental role in the pursuit of the American Dream. But the House Republican tax plan erodes the benefits of owning a home by increasing its costs and making it harder to save for a down payment. Click here to learn more on how the tax plan makes it harder to own a home.

Wait, the GOP Tax Plan Means Medicare Cuts?

The Republican tax plan threatens significant cuts to the Medicare program.  A little-known law could mean massive cuts to Medicare, totaling around $410 billion over ten years. Under the statutory Pay-as-You-Go (or PAYGO) law, Congress must tally the costs and savings that legislation will have over a ten year period. When Congress adjourns at the end of a calendar year, if the sum of all legislation passed in 2017 increases the deficit, compared to balances from previous years, automatic spending cuts will take place across the budget, including to the Medicare program. To see how these cuts would affect your state, click here.

Republicans Greenlight Tax Hikes for Teachers and Firefighters

Under the House bill that passed yesterday, nearly 24 million working Americans would see higher taxes. These Americans include teachers who educate our children, policemen who protect our communities, and construction workers who help rebuild our nation's road and bridges. Instead of providing the relief they need, Republicans have decided that they should shoulder more of the burden. Read more here.

House Republican Tax Plan Puts Infrastructure Jobs and Projects at Risk

We released a report shows that the Republican tax plan would eliminate the Private Activity Bonds (PAB), the New Markets Tax Credit (NMTC), and the Historic Tax Credit (HTC)—programs that support infrastructure projects across the country, enable community development, and generate jobs. Eliminating these vital infrastructure programs could put more than four and a half million jobs at risk over the next ten years. Read our report here.

USA Today Op-Ed -  GOP tax plan: If we're busting the budget, let's spend on real needs
Read yesterday’s op-ed by Senator Martin Heinrich (D-N.M.), Ranking Member of the Joint Economic Committee, in USA Today. The op-ed argues that if Republicans insist on busting our budget by $1.5 trillion over 10 years, we should invest in our country’s real needs, instead of giving tax breaks to the wealthy and special interests.

Social media resources on the House GOP tax plan can be found below:

Graphic - House GOP Tax Plan Hurts Families in Towns Across America

GIF - Eliminating Medical Expense Deductions

GIF - What We Could Pay for Instead of Repealing Estate Tax

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