From: Denny Kubal
The current pending tax reform bill generously rewards wealthy donors to the GOP while penalizing the rest of us. When fully implemented, anyone making less then $75,000 per year will see a tax increase!
According to Forbes, “The Tax Policy Center confirms the richest 1% will not only benefit under both plans, but that they will be the biggest winners based on any metric you choose to apply.”
For example, if you earn $36,500 per year, you will get a whopping 30 cents-a-day tax cut. Someone lucky enough to be making $12 million a year will get a $1,000-a-day tax cut. This $1,000-a-day bonus will be financed by borrowing money. China and other countries who loan us money to give to millionaires will be paid back by our children.
According to the Office of Management and Budget, and Tax Policy Center, the bill will create a deficit of at least $1 trillion dollars. The deficit will trigger automatic cuts to social programs, including a $25 billion cut to Medicare. The bill further punishes the vulnerable by cutting 13 million off of their health insurance. Health insurance premiums will rise by 10 percent.
When the deficits balloon as everyone knows they will, the Republicans will tell us we must now all sacrifice to bring the deficits under control. Social Security, Medicare and other earned benefit programs will have to be cut to bring down the deficits created by this tax giveaway to the wealthy.
Don’t let them get away with the boondoggle. There is still time. Please call U.S. Sen Todd Young, R-Ind., at 317-226-6700, or U.S. Sen. Joe Donnelly, D-Ind., at 317-226-5555 and and tell them to kill the tax reform act.