#GOPTAXPLAN – Boon for the 1%; Devastating for Middle and Low Income Americans
We, the Orange County Young Democrats, strongly condemn the House Republicans’ tax reform plan, which is a blueprint for a massive tax cut for the rich at the expense of America’s middle class.
Under the Republican’s plan, two thirds of the tax cuts would go to business, and the richest Americans would see a lower tax burden. The plan:
–dramatically cuts the corporate tax rate from 35% to 20%–giving corporate fat-cats massive tax breaks;
–changes the estate tax rules allowing more millionaires to be exempt from paying taxes on large inheritances up to $11 million, before eliminating it altogether;
–eliminates the alternative minimum tax, which is typically paid by families with higher incomes and helps to ensure the wealthy pay their fair share; and
–lowers the tax rate from 39.6% to 25% on wealthy, private companies (known as “pass-through” companies), like the Trump Organization, that file under their owners’ income tax rates.
While cutting taxes for corporations, billionaires, and millionaires, the plan forces America’s middle class, students, patients, and young families to pay for the massive cuts given to the wealthy. The plan:
–eliminates tax deductions for medical costs, college tuition, and student loan interest;
–may prevent working families of up to three million children from claiming the child tax credit, according to the Center on Budget and Policy Priorities;
–cancels the adoption tax credit;
–eliminates the state and local tax deduction, which could be devastating for Californians, who will no longer be able to deduct their state taxes on their federal income tax; and
–caps the mortgage interest tax deduction, directly impacting California homeowners, many of whom own homes worth more than the $500,000 cap.
The Republican plan does nothing for working families, will not create jobs, and will put increased stress on American families.
The Orange County Young Democrats demand that Orange County’s Republican Representatives in the House – Representatives Rep Mimi Walters (CA-45), Dana Rohrabacher (CA-48), Congressman Darrell E. Issa (CA-49), and Ed Royce (CA-39), who all consistently vote with President Trump and AGAINST the interests of Orange County – put the interests of Orange County residents above that of the Trump Administration and wealthy special interests.
You can help! Go to www.callmycongress.com to call your Representative and tell them that the middle class SHOULD NOT pay for tax cuts for the rich.