Federal Tax Bills 2017
November 20, 2017
On November 16, 2017, the Republican led U.S. House of Representatives passed a tax bill that will increase taxation on low and middle income Americans and will provide a large tax cut for corporations. The Republican led U.S. Senate plans to vote on their version of this bill after Thanksgiving. The effort to pass a tax bill is on the top of the Republican agenda. There are some differences between the current Senate version of the bill and the House bill. However, there is a strong change that agreement on this bill will come swiftly once the Senate bill is passed. Unless there is a strong groundswell of opposition the new tax plan could be in place by the end of 2017.
Here are some of the highlights of the current House bill:
1) Tax increase on everyone earning less than $75,000. People earning between $20,000 and $30,000 will see a 25% increase in their taxes when the bill is fully implemented.
2) The tax cuts to corporations and wealthy individuals will result in a $1.5 - $1.7 Trillion deficit over the next ten years. This large deficit could trigger automatic cuts to Medicaid, Medicare, SNAP (food stamps), education, scientific research, environmental protection, international conflict prevention and other federal programs.
3) Elimination of the federal deduction for state taxes will threaten the budgets for states that depend on state income taxes. Many states will have to make a choice to either cut services or increase sales taxes.
4) Note: Senate version of the tax plan calls for removal of the Affordable Care Act Mandate (for purchasing health insurance). It is thought that the removal of the mandate will cause a reduction in the number of people signing up for “Obamacare” health insurance thus saving the government money. This savings will be used to offset the tax cuts in this bill. It is estimated that 13 million people will become uninsured and millions more will face premium increases as a result of this particular provision of the tax bill.
These tax bills are regressive, irresponsible and potentially devastating to low income Americans and to our communities. I believe this bill to be cruel and immoral. There is a great deal of momentum behind them. However, we must try.
Please contact your U.S. House member and our two Florida Senators. You will need to find your Congressional District number (Note: it is on your voter card). Our two U.S. Senators are Bill Nelson and Marco Rubio.
Find contact info for all of our Polk County representatives by clicking here.
Please Call and Call and Call. We need your help.
If you have questions, call Catherine Price 863-632-8133.