Yesterday, the GOP tax plan passed in the House, mostly along party lines (13 Republicans voted agains it). Now, it’s up to the Senate to decide whether to pass the bill. Its prospects look iffy, but considering how badly the GOP needs a win (even one that comes at the expense of most Americans), it very well could make it through.
If so, here’s what to expect:
— Under the Senate’s plan, on average, everyone under $75,000 would face large tax increases by 2027.
— Those earning lessthan $30K a year would see a tax increase by the year 2021.
— The Senate plan would gut the Affordable Care Act and actually lay the groundwork to completely ban abortion. Ultimately, around 13 million people would lose health insurance and millions of others would see a dramatic increase in premiums (around $2,000 a year for families who are unsubsidized).
— Not only would Obamacare be gutted, but individuals will no longer be able to deduct medical expenses.
— It will eliminate the teacher tax deductions. In other words, teachers who use THEIR OWN MONEY to buy supplies for their classrooms and students will no longer be able to write those off as business expenses.
— It makes tuition waivers that PhD are granted taxable, thereby increasing their taxes by 300 to 400 percent, effectively killing PhD programs across the country. (A grad student would be taxed on $80K while bringing home $30K, for instance)
— The deficits created by the tax bill would induce automatic cuts of $5.3 trillion from Medicaid over 10 years, ensuring an assault on entitlement programs.
— The only significant winners under the plan would be those making more than $1 million.
— Deductions for student loan interest would be eliminated
— The bill adds $1.5 trillion to the deficit.
On the other hand:
— There is a deduction for private jets:
URGENT MESSAGE TO ALL AMERICANS: If you own a private plane, call Congress today & URGE them to pass Trump's tax bill. It doesn't matter the model: Cessnas, Learjets, Beechcraft Premiers. This is a bill for ALL AMERICANS (WITH PRIVATE PLANES).— Virginia Heffernan (@page88) November 17, 2017
— There’s also a deduction for golf course owners
— Trump and his family would save more than $1 billion under the new tax plan
Meanwhile, here are a few noteworthy Democrats who rejected the new tax plan vociferously:
Sherrod Brown really takes the fight to Orrin Hatch here. No Trumpian namecalling or low blows. Instead focusing on the GOP helping only the ultra-rich. Judging by how mad Hatch got, Brown hit a soft spot. pic.twitter.com/WxDFb8ipHB— Adam Best (@adamcbest) November 17, 2017
‘This is such a scam’ — This senator won't tolerate any bullsh*t about Trump's tax plan pic.twitter.com/ChK2O5AKHM— NowThis (@nowthisnews) November 17, 2017
This rep. didn’t hold back on exposing just how ridiculous the GOP tax plan really is pic.twitter.com/1TZEc5MdDt— NowThis (@nowthisnews) November 17, 2017