Americas Largest Senior Organization Just Issued A Dire Warning About Trumps Tax Plan
http://verifiedpolitics.com/americas-largest-senior-organization-just-issued-dire-warning-trumps-tax-plan/America’s Largest Senior Organization Just Issued A Dire Warning About Trump’s Tax Plan
By Peter Mellado
Published on November 30, 2017
While Americans remain distracted by the flurry of tweets coming from President Trump this week, Sen. Mitch McConnell and the Republicans in the senate are inching their controversial tax bill closer to the finish line.
Tax reform is the Holy Grail of Republican legislation, and this deeply flawed bill continues to advance towards passage, despite its massive unpopularity and almost daily revelations about the damage it’s expected to cause. Report and report highlight how most Americans will see their taxes increased under the bill, especially in the short run, and in the long run, the benefits of it heavily favor the über wealthy, including the President’s family – coincidentally, we’re sure.
None of that seems to deter the GOP, but a new report released by AARP Wednesday just might. According to the influential advocacy group representing Americans 65 and older, millions of seniors will actually see their taxes go up immediately, and several million more over the span of the bill will pay more in taxes as well.
In an article published on the AARP website, the group’s Vice President for Public Policy Gary Koenig, and Maxim Shvedov, Senior Strategic Policy Advisor, wrote:
“Overall, 20 percent of taxpayers 65+, totaling 6.3 million taxpayers, would either see no change or experience a tax increase in 2019 under the SFC tax bill. Among them, 1.2 million would get a tax hike and 5.1 million would see no change. About 29 percent of taxpayers 65+ with income below $65,150 (the income limit that captures 60 percent of all taxpayers), would see no tax change or a tax hike.”
And it gets worse. After all the sunsetting clauses in the bill are triggered, “the projected number of taxpayers 65+ experiencing a tax hike would jump more than four times in eight years from 1.2 million in 2019 to 5.2 million in 2027,” they continue. “Add the 5.6 million older Americans who would see no tax change in 2027, and the total number of taxpayers 65+ not receiving a tax cut rises to 10.8 million.”
The article also points out that the increases to the deficit this bill will trigger jeopardizes Medicare funding and reimbursements down the road. Which means millions of seniors will see no tax relief, millions more will see a tax increase, and Medicare and other benefits will be reduced down the road.
When combined with the fact that their children and grandchildren will see tax increased AND potentially lose federal healthcare subsides currently available under Obamacare, family resources will be stretched more than ever just to care for basic needs.
This is not the America we deserve.
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I don't because I was born in 1951. But my parents lived through the Depression of the 1930's and they're no longer living now. Most Americans have no idea how bad it's going to get. Or how bad it CAN get, and this tax bill will make it happen.
We cannot let this go through, we can't let the GOP destroy our economy and deprive us of our rights. We must fight this terrible tax bill because we're the ones who can see what a lie this is.
Some wealthy people benefitted nicely and got even richer during the Depression. They bought up properties at rock bottom prices because they had cash to take advantage of everyone else's misery.
Meanwhile so many Americans lost their jobs and homes, couldn't pay rent and got tossed out. Entire families had to eat hand-out meals at the soup kitchens because they couldn't buy food. Very few people could have credit in those days, of course there was no such thing as credit or debit cards.
The Great Depression didn't hit everyone equally hard, just like recession we had 10 years ago. Some people lost everything while other people suffered hardship but made it through. A few lucky ones (extremely wealthy) didn't even bat an eye, they just got richer. Those are the same ones who will benefit from the new tax reform bill.
The vast majority of people who voted for Trump will NOT benefit from this tax bill. Those are the real idiots of this story.
