This Republican tax bill gives the most benefits to corporations and the wealthiest Americans, plain and simple. These benefits are paid for by hardworking families across the country and by adding to the debt. This bill may save a few hundred dollars per person on their tax bill, but it will put more than $7,100 on the credit card for every man, woman and child in the U.S. which will lead to deep spending cuts on important programs like Medicare and Medicaid and jeopardize investments in infrastructure, education, healthcare, science and much more.
While corporations will continue to reap the benefits after ten years, individuals will see their tax rates change and could even pay more than they are today. Meanwhile, the repeal of the individual mandate means health care costs will rise for everyone.
While corporations will continue to reap the benefits after ten years, individuals will see their tax rates change and could even pay more than they are today.
This is nowhere close to real tax reform that Colorado families and businesses have been seeking. It doesn’t simplify the tax code or make it more conducive for economic growth. In many ways, it adds more loopholes and rigs the system even more against hardworking families.
Since Republicans took control of the legislative and executive branch in January, I believe they have missed many opportunities to help hardworking families and grow the economy. This is just one more missed opportunity that will have consequences for years to come.
By Ed Perlmutter
Congressman Ed Permutter represents Colorado in the 7th District.
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