RELEASE: Republican Tax Plan Will Do More Harm to Working Families
FOR IMMEDIATE RELEASE
News from MI Families for Economic Prosperity
April 17, 2018
Contact: Sam Inglot, 616-916-0574, sam@progressmichigan.org
Republican Tax Plan Will Do More Harm to Working Families
MICHIGAN — This Tax Day, Michigan Families for Economic Prosperity is calling attention to the out-of-touch tax priorities of the Republican-controlled Congress and Congressmen Mike Bishop and Fred Upton for their support of the TrumpTax Plan.
Despite Bishop and Upton’s best efforts, the American people know this plan was written by and for the richest Americans and wealthy corporations, not working families.
The TrumpTax rigs the tax code even more in favor of the wealthiest, including Donald Trump. Studies show that Trump and his family will receive $11 million or more from tax breaks, but he continues to block release of his tax returns to hide exactly how much.
Many Michiganders will either not benefit or be hurt by the GOP tax plan. The richest 5 percent of Michigan earners will get 51 percent of benefit from the tax cuts next year, meanwhile Michigan families will pay $256 million next year due to the tax increases in the TrumpTax.
Promises were made to consumers and families that the TrumpTax will benefit them, but that has not been the case. A majority of American workers have seen no benefit from the tax plan. In fact, under the TrumpTax, a majority of working families will pay more taxes by 2027.
The TrumpTax has started to restrict healthcare access due to repealing the individual mandate of the Affordable Care Act. 13 million Americans will be stripped of access to affordable health care. The problems don’t end there. The tax law will lead to massive cuts to Medicaid, Medicare, Social Security, and public education. An estimated $1.8 trillion will be added to the national debt over the course of ten years, according to the Congressional Budget Office.
“Simply put, elected officials who voted for this tax plan mislead their constituents. Now that the dust has settled we know working families don’t benefit because this plan was designed to help wealthy donors and Wall Street stockholders,” said Sam Inglot, deputy communications director at Progress Michigan. “What we’ve seen from the Trump administration is an effort to give corporations and big businesses massive windfalls while sticking families with the bill. This tax plan threatens public services we all rely on and puts Social Security, Medicare and Medicaid in jeopardy. Corporations and CEOs are not paying their fair share and this could lead to massive cuts to life saving healthcare programs and social services.”
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