Date/Time
Date(s) - 08/04/2017
11:30 am
Location
Representative Ryan Costello's West Chester Office
Categories No Categories
Hosted by Concerned Constituent Action Group
THIS WEEK’S FOCUS: NO TAX CUTS FOR BILLIONAIRES
We need to be sure that the billionaire’s ideas of tax reform makes sense for the 99%. Trickle down economics has been shown over time to be ineffective; it does not work. Cutting corporate taxes, as recommended by administration Chief Economic Advisor, Gary Cohn from 35% to 15%, may not create a single job. Creating and improving infrastructure, i.e. building bridges and roads leads to job creation, but tax cuts for the nation’s wealthiest, not so much. Tax reform should be only about easing the burden on middle and lower income Americans and creating American jobs. (We have nothing against the wealthy; our concern is how the richest cabinet and administration in history is helping lift the rest of the nation.)
The president’s plan gets rids of the AMT, which makes sure the very wealthy pay some tax, collapses 7 tax brackets to 3 at 15, 25 and 35%, reduces the corporate tax from 35 to 15%, eliminates the inheritance tax, but at the cost of protections for all of us and services to the very poor, disabled, education, veterans, and children. It was estimated that under the plan 20% of households could pay MORE in taxes, via fewer deductions and higher taxes.
This change most affects the $150K to 300K households, which would pay $3,000 to $4,000 more. The tax plan overall, as of this week, ‘greatly favors the ultra-wealthy’ (CNBC, 7.28.17). While some tax reforms could benefit the middle and lower classes, and thus put more money into the pockets of those who drive our economy, the administration’s proposals do NOT seem to address the vast majority of Americans.
Tax deductions for mortgages and charities do remain while deductions for local and state taxes are eliminated. Again, over time, there is NO indication that the money put into the coffers of billionaires yields positive results for middle and lower American workers. Tax deductions only assist those who are able to itemize. Our taxes buy services; more taxes can mean more services, better roads, good libraries and better schools, safety and protections for our food, our environment, and our health. Do we really need to give a tax cut to the top 1 to 2% or even top 5% at the expense of healthcare supports, safer bridges and roads, food and vehicle inspections, clean water or medical research?
The nonpartisan group, Americans for Tax Fairness’s Frank Clemente, called the proposal a ‘reckless’ plan ‘for massive tax giveaways to corporations, the wealthy’ and add ‘trillions of dollar to the national debt’. In April there was no response by Treasury Secretary Mnuchin as to whether the tax cut plans were ‘revenue neutral’. (Guardian, 4.26.17) If we cut taxes on the super rich, they get a new yacht and the veterans get less money for health care, and we all drive on unsafe bridges. They get a bigger summer home and we get less help for the poor.
The links below provide more info on the proposals by the Trump administration’s Chief Economic Advisor Gary Cohn and Treasury Secretary Mnuchin. These proposals could change at any time and may be different this week.
Stay tuned!
More info:
https://www.cnbc.com/2017/
https://www.nytimes.com/
https://
Sign ideas:
“Billionaries or Bridges?”
“His yacht or YOUR healthcare?”
“Taxes are the price we pay for civilization”
“Money only trickles up”
“Billionaires get cushy socialism while the middle class gets cutthroat capitalism”
“I shouldn’t be paying less in taxes than my secretary” -Warren Buffett
“Even Steve Bannon Wants a Tax on Millionaires”
“WHO needs a tax cut? NOT billionaires!”
Look for us at the corner of Market and High. We will protest outside as a large group; then rotate into the office in small groups to speak with staff and deliver letters, if permitted.
If you cannot attend, email your letter to us at contact@ccag-d6.com and we will hand deliver it for you.