Truthout is a vital news source and a living history of political struggle. If you think our work is valuable, support us with a donation of any size.
Americans have expressed doubts that the GOP’s tax plan would benefit them in a meaningful way — even if they’re in the segment of the population that could receive $1,182 more per year in tax savings — especially compared to the huge tax cut given to corporations under the plan. (Photo: Pixabay)
Appearing on CNN Thursday, Sen. Elizabeth Warren (D-Mass.) argued that the $1,182 that Republicans spent the day touting as the money average American families will save under their tax plan, is far from what the government could afford to give them — if they weren’t spending that money on massive tax cuts for the rich.
Elizabeth Warren: This isn’t about middle class, it’s about helping big GOP donors and putting “a pretty face on it” https://t.co/1Dk7VeVmhv
— CNN (@CNN) November 2, 2017
As House Leader Paul Ryan (R-Wis.) and his colleagues said in a press conference unveiling some of the proposal’s details, “the typical family of four will save $1,182 a year on their taxes.”
Most American families would happily accept an extra $1200 per year to help with bills, college funds, and savings — but the estimated sum of $1,182 will only apply to families of four earning $59,000 per year, not lower income households.
Critics were also concerned about the GOP’s plans for the Child Tax Credit. As the CBPP explained in September after the Republicans unveiled the framework for their plan, the Party “proposed to make their Child Tax Credit increase non-refundable, meaning that working families with incomes too low to have federal income tax liability would not benefit.” A single parent raising two children making minimum wage would be left out of receiving the credit.
Sister Simone Campbell of NETWORK Lobby for Catholic Social Justice also noted that immigrant families would lose out under the plan. The so-called Tax Cuts & Jobs Act “rips the credits away from 5.1 million children whose parents are immigrant taxpayers with an average annual income of $21,000, which is a loss of 8.5% of their annual income. This will directly jeopardize the economic, educational, and developmental outcomes of children living in the U.S.”
On social media, Americans expressed doubts that the GOP’s tax plan would benefit them in a meaningful way — even if they’re in the segment of the population that could receive $1,182 more per year in tax savings — especially compared to the huge tax cut given to corporations under the plan.
All #1182more is, is 1.5 months of my student loan payments. So thanks for basically nothing @gop.
— Bre Witmer (@bre518) November 2, 2017
The @GOP Tax plan translates to $22.73 in savings per week. Which is enough to fill the family minivan’s gas tank 1/2 to full. #1182more
— Brianna Westbrook (@BWestbrookAZ8) November 2, 2017
The Tax Cuts and Jobs Act must be a joke. $1200 will barely cover monthly insurance costs for a family of 4. #1182more
— Matt K (@dcdaddysWT) November 2, 2017
whoohoo! Where do I start spending this $22.73 a week? (so worth saddling my children & grand children with massive&growing federal deficit)
— Brian Lyman (@BDLyman) November 2, 2017
An urgent fundraising appeal: 4 Days to raise $34,000
Truthout is one of only a few platforms for justice-oriented, grassroots journalism. Today, we face an existential threat.
Due to Google’s launch of AI search, we’ve seen a drastic plunge in our site traffic and, as a result, our revenue. We lost 15 percent of our readership overnight. This was a readership we painstakingly built over decades, and it vanished because Google chose corporate greed over a healthy democracy.
We are fundraising right now to meet our basic operating expenses. If you can support Truthout with a one-time or monthly donation, you will make a significant impact on our work. Anything you can do makes a difference — we appreciate your support.