December 7, 2017/Press

One Week Later, GOP Tax Scam Looks Even Worse than Before

Raleigh – A week of sunlight hasn’t been friendly for the GOP tax plan. The bill was so sloppily written that it accidentally killed some corporate tax deductions GOP donors love while new tax breaks for developers, banks, and the oil industry came to light. Add in that the bill adds $1 trillion to the deficit and it’s no wonder 56% of Americans oppose the plan – including a majority of independents – and 64% say it benefits the rich the most.

People in North Carolina aren’t buying it either. That because they’ve seen this before – massive tax cuts for the wealthiest few and corporations paid for by blowing up the budget and raising taxes on middle class families. Here’s what people are saying since the GOP scammed our middle class:

Greenville Daily Reflector: “The Tax Bill is a Failure in Governing.

“The bill’s centerpiece — a corporate tax cut — could be worthwhile, but only if it were financed by eliminating corporate tax loopholes and were revenue-neutral. This cut vastly increases debt at the long-term expense of middle-class taxpayers.”

Charlotte Observer: “These small provisions speak volumes about the Republican tax plan.

“In the House bill, educators who have to buy supplies for their classrooms would no longer be able to deduct them on their tax forms. The Senate bill does not eliminate that deduction.

“The House and Senate had no disagreement, however, on making expense rules much more generous for businesses. The tax plan makes it possible for businesses to fully expense new equipment for at least five years.

“Graduate students aren’t so lucky. Republicans want to count as taxable income the tuition waivers that graduate students receive for working as researchers and teaching assistants. That, along with provisions that eliminate student loan interest deductions, will put graduate school financially out of reach for many.

“But if you’re wealthy enough to afford a private school education for your children? Republicans are here for you. The tax plan would allow parents to save money tax-free for K-12 private school tuition, as well as expenses associated with home schooling.”

News & Observer: “U.S. tax cuts follow NC’s wrong path

“Republican Senate leader Mitch McConnell did a fine imitation of North Carolina Senate leader Phil Berger as he rounded up votes and pushed a tax-cut bill that overwhelming favors corporations and the very wealthy. The approach had all the hallmarks of major North Carolina legislation since Republicans took full control of the legislature in 2011. There were no public hearings. Phone calls of protest were dismissed, and polls showing a majority of the public opposed were ignored. There was no Democratic support. Expert assessments of the legislation went unread or were waved off.”

News & Observer: “NC child advocates predict painful spending cuts will follow new tax law

“You can really see how this tax plan is not just a tax plan; it’s the backbone and the impetus for really serious spending cuts going forward that are going to undermine children’s health and well-being and has us pretty scared,” – Rob Thompson, senior policy and communications adviser at the advocacy group NC Child.