Raleigh – Happy Tax Day, if you’re a billionaire or corporation! If you’re a middle class or poor American, however, today isn’t so happy. And next year’s will be even worse. The recent tax scam rammed through Congress means facing down higher taxes, few benefits, and a harder life – and Americans know it:
Business Insider: “Americans still hate the new GOP tax law — and Republicans should be nervous”
CNBC: “GOP tax cuts have gotten less popular with voters, new NBC/WSJ poll says”
Wall Street Journal: “Tax Overhaul Remains Unpopular, Poll Shows”
Here in North Carolina, it’s easy to see why. The people who least need a tax cut – the richest 1% and corporations sitting on record profits – will get a permanent tax cut while low- and middle-income families will be stuck with the tab:
- By 2019, the richest 1% of North Carolina taxpayers will receive 26% of the tax cuts
- Low- and middle-income North Carolinians will face a tax hike of nearly $300 on average in 2027.
- The changes Republicans made to the Child Tax Credit will do nothing for children from low-income and minimum wage working families – including 355,000 children in North Carolina – who will still only get $75 at most. Wealthy families will receive the full benefit.
- The Republican tax law could cause premiums to skyrocket by as much as 94% within in the next three years; NC is at risk of “catastrophic” premium increases because of recent changes.
- The tax scam will add $1.8 trillion to the national debt over the course of ten years—and Republicans have already proposed cutting funding for Medicaid, Medicare, Social Security, and public education to pay for it.
With people seeing right through these tax cuts, and Republicans realizing their tax scam message falls totally flat with voters, that doesn’t seem like such a good bet.
“This tax day, the wealthy few and corporations with record profits are sitting pretty while the rest of us will see little savings in our pockets and are struggling with rising health care premiums,” NCDP Executive Director Kimberly Reynolds said. “Republicans rigged our economy against the middle class and will pay a steep price this fall for choosing their mega donors over middle class families.