Senate Republicans are currently pushing a tax reform bill that, if passed, would cut taxes for the wealthy and increase taxes for middle- and lower-class families. According to The Washington Post, families with an income of $30,000 or less per year will see higher taxes by 2021 if this tax reform is passed.
On Thursday, November 16th, House Republicans passed their version of the tax reform bill with 227 votes in favor and 205 against. The Senate’s version passed through the Senate Finance Committee Thursday night and now awaits clearance from the full Senate. The Republicans backing the bill and President Trump are banking on the reform bill to be passed by the end of the year.
The Senate bill would drop the corporate tax rate from 35% to 20% and would temporarily change individual tax rates and deductions. It would also abolish the Obamacare rule, which states that Americans must buy health insurance or pay a penalty.
But the Joint Committee on Taxation, Congress’s nonpartisan team of analysts, released a report showing that tax increases would hit lower/middle people within the next five years, whereas individuals making more than $100,000 per year would continue to pay less as times goes on.
Senator Orrin G. Hatch (R-Utah), heading authorship of the GOP tax bill, doesn’t believe the Joint Committee on Taxation’s findings to be accurate.
Now’s the time to call your senators and ask them to vote against the GOP’s tax reform bill. The Senate will vote when they return from Thanksgiving break, so act now and let your voice be heard.