Republicans will try to score an easy win right after recess by pushing “tax reform” – geared for the wealthy and corporations. (45’s plan gives the middle class a 1.5% tax cut and the wealthy get a 14.1% tax cut).
45’s awful plan: Eliminates taxes on the foreign profits of U.S. corporations, giving them a major incentive to move more jobs and profits offshore; eliminates the alternative minimum tax, which is intended to ensure that the wealthy pay at least some taxes; eliminates the estate tax – which only applies to estates worth over $5.5 million. That means 99.8 percent of estates are already exempt.
Since they want to pass their plan through the Senate with only 51 votes, they have to follow the rules of reconciliation and therefore can’t add to the deficit after ten years—so they intend to make deep cuts to Medicaid and Medicare as an offset.
Let’s inform Congressman Knight that we’re on to this plan. Call his office and say something like:
Hi – I’d like the Congressman to ensure that tax cuts for the wealthy and corporations are not offset by cuts to Medicare and Medicaid.