Raleigh – On Martin Luther King, Jr., weekend, North Carolina Democrats are joining with Democrats across the nation to remind voters that their GOP representatives supported the disastrous Trump tax plan. Sens. Burr and Tillis and vulnerable Reps. Holding, Hudson, Pittenger, and Budd are among those who voted for the plan, which steals from North Carolina middle-class families to enrich corporations and the top 1 percent; hurts our community; and could lead to devastating cuts to Medicare, Medicaid and other vital programs. Simply put, the Trump Tax makes life harder for North Carolinians.
“D.C. Republicans, including Senator Tillis, voted for the disastrous GOP tax scam, prioritizing millionaires and billionaires over every day North Carolinians who will end up footing the bill,” said NCDP Executive Director Kimberly Reynolds. “This November, Reps. Holding, Hudson, Pittenger, and Budd will have to explain to their constituents, in newly drawn and more competitive districts, why they voted for a bill that will raise taxes on middle-class families, increase health insurance premiums, and add nearly $1.5 trillion to the deficit over the next decade. Meanwhile, Democrats will continue fighting to make North Carolina a state that works for everyone.”
- How the Trump Tax hurts North Carolinians:
The average North Carolinian making $106,000 or less will pay more thanks to the Trump Tax within a decade – but the richest 1% of North Carolinians will see a tax cut of roughly $5,000.
Instead of reauthorizing CHIP, which provides health care for 256,446 North Carolina kids, the GOP prioritized cutting the estate tax for the richest 110 families in North Carolina.
- The Trump Tax won’t create jobs or raise wages.
New York Times: “For most large companies, experts believe that the proceeds of the big tax cut will largely go toward paying for companies to repurchase their own shares, a tactic that tends to boost stock prices. […] Economists and analysts expect much less of the tax winnings to go to permanent pay increases for employees, who, as a whole, have endured stagnant wages over the past decade.”
Washington Post: “Trump promised ‘America First’ would keep jobs here. But the tax plan might push them overseas.”
- The Trump Tax gives massive tax breaks to corporations and the wealthiest, while raising taxes on millions of middle-class families.
Washington Post’s Wonkblog: “Republicans are paying for a permanent cut for corporations with an under-the-radar tax increase on individuals.”
CBS News: “Most Americans would receive tax cuts initially. But the lower rates and a host of other benefits would expire after 2025. This effectively sets up an $83 billion tax hike for many millions of Americans in 2027.”
- The Trump Tax undermines funding for schools, firefighters, police officers, and other services that benefit you.
Washington Post: “The Republican tax bill will make it harder for states and cities to pay their bills.”
Washington Post: “The proposal curtails the ability of taxpayers to deduct state and local taxes from their federal tax bill, limiting the deduction to $10,000. By increasing the federal tax burden on individuals, advocates worry that states, counties and school boards will have a tougher time raising money for schools, which get most of their resources from state and local tax revenues.”
- The Trump Tax could lead to deep and devastating cuts to the Medicare, Medicaid, and other services seniors, veterans and working families rely on.
AARP: “The large increase in the deficit will inevitably lead to calls for greater spending cuts, which are likely to include dramatic cuts to Medicare, Medicaid, and other important programs serving older Americans.”
Vox: “House Speaker Paul Ryan and other top Republican leaders, fresh off a tax bill that is estimated to add at least $1 trillion to the national debt, are already sounding the alarm about an out-of-control deficit problem. Their targets for closing the gap include Social Security, Medicare, and food stamps.”###