Members of the House of Representatives and the Senate will vote this week on the final version of the tax bill that gives corporations and the wealthy massive tax breaks while putting into jeopardy the healthcare and programs that vulnerable Americans depend on. Read below for three reasons to oppose the bill – for a more comprehensive understanding of the bill’s impact click here.
3. 13 Million Left Without Healthcare
The tax bill removes the individual mandate in the Affordable Care Act, a key piece of healthcare reform that incentivizes young healthy individuals to buy insurance and reduces the overall cost of insurance. Without it, thirteen million fewer Americans will have insurance and the price of healthcare for everyone else will skyrocket. Instead of providing financial assistance to help young people purchase health insurance, members of Congress are using the $340 billion in savings to provide massive tax breaks for major corporations and the rich.
2. The Rich Will Get Richer
The benefits of this tax plan are heavily distributed to those who need it the least. Big corporations, multimillionaires, private equity firms, private schools, and real estate moguls like President Trump and Senator Bob Corker are the real winners in this legislation. Meanwhile, low-income families, people who live in New York, California and New Jersey, and the elderly will be hurt by this bill. The Tax Cuts and Jobs Act will intensify the growing income gap in our country, widening the divide between the rich and the poor that will have devastating consequences for decades to come.
1. Devastating Long Term Implications of this Bill
The United States will go another $1.4 trillion into debt in order to provide tax breaks for corporations and multimillionaires. Upon passage of this bill, spending cuts will be automatically triggered for programs like Medicare that are vital for the health and safety of our seniors. Now, some members of Congress are advocating for cuts to the social safety net, using this new increase in the deficit to push for drastic cuts to healthcare and food for the elderly and children and families.
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