House GOP released the text of Trump’s tax bill on Nov.2, 2017.
Last week we learned that the tax bill would add $1.5 trillion to the US deficit. That, in turn, will force deep cuts to Medicaid, Medicare and Social Security in the future. Secondly, it gives huge tax cuts to the wealthy by phasing out the estate tax, repealing the Alternative Minimum Tax (aka ATM: a supplemental income tax by the federal government required for certain individuals, corporations, estates, and trusts that have exemptions or special circumstances for lower standard income tax) and limiting the tax rate on income earned by hedge funds, private law firms and the Trump Organization. In addition, it slashes the corporate tax rate; so corporations can line the pockets of their shareholders and incentivizes moving operations offshore.
How does it affect Ohio? It gives 39% of Ohio’s tax cuts to millionaires, even though they only make up 0.5% of Ohio’s population. It would mean an average tax cut of $155,000 per millionaire or 6.9% of his/her income. The 47.6% of Ohioans who make less than $45,000 would only get 6.3% of the total tax cut — an average of $240 per person or 1% of his/her income.
INDIVISIBLE is calling for a National Week of Action. Please call and write to your Members of Congress with the united message that the bill is a scam and should be opposed. On Wednesday, Novemer 8th from 4 -6pm there will be a “No More Breaks for Billionaires” #Trump’s Tax Scam Rally in front of Senator Rob Portman’s office on East 9th Street to protest Trump’s Tax Scam. The event is being sponsored by INDIVISIBLE CLE.