{"id":1674,"date":"2017-12-13T04:39:23","date_gmt":"2017-12-13T04:39:23","guid":{"rendered":"https:\/\/www.suitupmaine.org\/?p=1674"},"modified":"2017-12-16T09:04:27","modified_gmt":"2017-12-16T09:04:27","slug":"gop-tax-scam-reconciling-two-awful-bills","status":"publish","type":"post","link":"https:\/\/www.suitupmaine.org\/gop-tax-scam-reconciling-two-awful-bills\/","title":{"rendered":"GOP TAX SCAM: Reconciling Two Awful Bills"},"content":{"rendered":"

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Republicans have reached an agreement on the GOP Tax Scam worth $1.5 trillion in giveaways mostly to the rich. A vote is expected next week. Stay tuned for new talking points, which we’ll post as soon as we are able to see what’s in the bill. In the meantime:\u00a0<\/span>attend a tax scam event near you, and keep up the pressure on Susan Collins to let her know that her constituents are overwhelmingly opposed to both bills.<\/b><\/p>\n

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Trump Administration & Federal Govt Working Group C2A<\/strong><\/p>\n

LATE BREAKING UPDATE:\u00a0<\/span><\/strong><\/span>House and Senate Republicans have reached an agreement on the GOP Tax Scam <\/a>worth $1.5 trillion in giveaways mostly to the rich. A vote is expected next week. Few details have been released and we will update the action when we have more information.\u00a0<\/span><\/p>\n

THE ISSUE<\/span><\/h4>\n

With tax plans having passed both the House and Senate, GOP leadership must now take the two bills to conference committee and work out a compromise plan. The bill is likely to emerge from conference by the end of this week, and could face a vote as early as next week. Many of the concessions that Collins won from Trump and McConnell may not be acceptable to House Republicans, which could cause Collins to change her vote. Keep up the pressure<\/b>!<\/b><\/span><\/p>\n

JOIN A TAX SCAM EVENT!<\/h4>\n
Friday 12\/15 in AUBURN: 3:30pm Longley Bridge
\nFriday 12\/15 TWO events in PORTLAND: http:\/\/bit.ly\/2Au4z0F<\/a> and http:\/\/bit.ly\/2y8fveg<\/a>
\nSunday 12\/17 in BANGOR: http:\/\/bit.ly\/2o71Ggs<\/a>
\nMonday 12\/18 in PORTLAND: http:\/\/bit.ly\/2jZOQfo<\/a><\/span><\/h5>\n

Five critical talking points to use for your calls to Collins:<\/span><\/strong><\/span><\/h4>\n

1.<\/strong> No Guarantee GOP Will Follow Through on Concessions:<\/span>\u00a0<\/strong>While Collins seems to believe that McConnell and Ryan will honor their promises not to cut Medicare and Medicaid to offset the plan’s massive increase to the deficit, there is no guarantee it won’t still happen. And while her Alexander-Murray bill may be brought to a vote, there is no guarantee that it will pass among a party determined to see the ACA fail. If the GOP follows through on the Senate’s plan to repeal the ACA’s individual mandate, four million Americans–including 15,000 Mainers<\/a>–will lose their insurance next year, and health care premiums will rise by 10% per year over the next decade.<\/p>\n

2. Doesn’t Grow Economy:<\/span><\/strong>\u00a0The non-partisan Joint Committee on Taxation<\/a> projected that the Senate bill would increase the size of the economy by just 0.8% over 10 years, well short of the 3% growth<\/a> the Trump administration predicts.<\/p>\n

3. Increases the Deficit:\u00a0<\/span><\/strong>The\u00a0independent Tax Policy Center<\/a> and the Penn Wharton Budget Model<\/a> each released a dynamic analysis of the Senate bill, and found that it would add slightly to economic growth over a decade, but not by nearly enough to offset lost tax revenues. Their estimates put the addition to the deficit between $1.3-$1.8 TRILLION.<\/p>\n

4. Prioritizes the Rich<\/span><\/strong>:<\/span>\u00a0<\/span> Under House and Senate plans<\/span><\/a>, the richest 0.1 percent of Americans will get an average $278,370 reduction in their tax bill by 2027, while the poorest two-fifths of the country get around $25.<\/span><\/p>\n

5.\u00a0<\/strong>Unpopular With Constituents:<\/span>\u00a0<\/span>Only <\/span>32% of Americans approve<\/a> of this tax plan. Collins’ contituents understand how this plan works. They know the majority of the <\/span>tax benefits go to the very wealthy<\/a> and big businesses already flush with cash. They know that corporate tax cuts benefit CEOs and shareholders, not workers. And they know that after 10 years, 50% of Americans will see their tax bills go UP.<\/span><\/p>\n

The ten most <\/b>important differences<\/b><\/a> between the two plans:<\/b><\/span><\/h4>\n

1. The Deficit<\/strong>\u00a0<\/span><\/p>\n

Senate:<\/b> Raises by $1 trillion.<\/p>\n

House:<\/b> Raises by $1.7 trillion (which may violate Senate rules)<\/p>\n

2. ACA Mandate<\/strong>\u00a0<\/span><\/p>\n

Senate:<\/b> Eliminates it, causing 13 million people to lose health insurance, and raising rates by 10%.<\/p>\n

House:<\/b> Preserves it.<\/p>\n

3. Individual Provisions Expiration\u00a0<\/strong><\/span><\/p>\n

Senate:<\/b> Most expire in 2025, and taxes will then be raised on 50% of Americans.<\/p>\n

House:<\/b> Most are permanent, but heavily favor the wealthy.<\/p>\n

4. Education Deductions<\/strong>\u00a0<\/span><\/p>\n

Senate:<\/b> Doubles teachers\u2019 school supply deduction, keeps graduate student tuition waivers and student loan interest deduction, adds tax incentives for private school tuition.<\/p>\n

House:<\/b> Eliminates teachers\u2019 school supply deduction, graduate student tuition waivers, and student loan interest deduction.<\/p>\n

5. Child Tax Credit \u00a0<\/strong><\/span><\/p>\n

Senate:<\/b> Increases it to $2,000 from $1,000, but the additional $1,000 would not be refundable, so most poor and middle class will not benefit from the increase. Makes the full credit available to higher income families. Temporarily increases dependent age to 18.<\/p>\n

House:<\/b> Increases it to $1,600 from $1,000, but the additional $600 would not be refundable. Makes it available to higher income families.<\/p>\n

6. Mortgage Interest Deduction<\/strong><\/span><\/p>\n

Senate:<\/b> Keeps it as is.<\/p>\n

House:<\/b> Halves the amount of mortgage debt on which interest may be deducted.<\/p>\n

7. State and Local Tax Deduction<\/strong><\/span><\/p>\n

Senate: <\/b>Caps deductions at $10,000<\/p>\n

House: <\/b>Eliminates all but a $10,000 real estate deduction.<\/p>\n

8. Medical Expense Deduction<\/strong><\/span><\/p>\n

Senate:<\/b> Keeps it and temporarily lowers qualifying income.<\/p>\n

House:<\/b> Eliminates it.<\/p>\n

9. Alternative Minimum Tax<\/strong><\/span><\/p>\n

\u00a0Senate:<\/b> Keeps it, but temporarily raises amount of money exempt.<\/p>\n

House:<\/b> Repeals it, making it possible for some wealthy people to avoid paying taxes.<\/p>\n

10. Estate Tax<\/strong><\/span><\/p>\n

Senate:<\/b> Benefits wealthy heirs by doubling the exemption levels to $11 million for individuals and $22 million for couples.<\/p>\n

House:<\/b> Greatly benefits wealthy heirs by doubling the exemption levels for six years and repealing the estate tax in 2024.<\/p>\n

<\/h4>\n

THE ACTION<\/span><\/h4>\n