Drumpf and his Tax Plan (Scam)

[kitajmaze]

Here’s what the GOP is willing to do just to give themselves and their millionaire and billionaire friends a tax cut:

>> Penalize those with debt… and make them pay more: People with medical or student loan debt would no longer be able to deduct those expenses from their taxes.

ETA from comment below: You forgot to mention possibly the very cruelest part. Currently you can write off medical expenses if they constitute 10% or more of your income out of pocket. This write-off only comes into play if you're insured and/or severely ill or extremely old, and is most commonly used for nursing home care for the elderly. The current tax bill removes it.

>> Attack immigrants: More than 5 million immigrant parents with US-citizen children would no longer be able to receive the Child Tax Credit. And some immigrants working legally in the US would lose access to the Earned Income Tax Credit.

>> Stand in the way of adoptions: Adoptive parents would lose a key tax credit that helps offset the (very high!) costs of adoption.

>> Disincentivize job growth in rural and urban areas: The GOP also removes a tax credit that encourages businesses to invest in places hit the hardest by the recession -- mostly rural communities and urban areas. (Hmm… what’s that about Drumpf being a jobs president again?)


>> Exacerbate wealth inequality: The #DrumpfTaxScam gives huge tax cuts to the wealthy by phasing out the estate tax, repealing the Alternative Minimum Tax, and limiting the tax rate on income earned by hedge funds, private law firms, and the Drumpf Organization. The bill also slashes the corporate tax rate so corporations can line the pockets of their shareholders.

>> Add $1.5 trillion to the deficit: And once they balloon the deficit, they’ll use that as an argument to make deep, dangerous cuts to Medicaid, Medicare, and Social Security in 2018.

House Republicans are expected to begin marking up their bill THIS Monday. And the Senate may introduce their bill this week. Just like DrumpfCare, Republicans’ only chance to get this bill through is if we don’t make enough noise. Let's make some NOISE! at Skyline Park, Denver- Friday at Noon!

Info here:
Any of you who live in Denver- consider the rally being held tomorrow at noon at Skyline Park. Info here: https://www.facebook.com/events/151554832130144

Comments

[crossfortune]

I'm terrified: I'm a Ph.D student, and one of the other provisions for the plan makes tuition remission taxable as if it were real income. (which would screw every single grad student in the country. except the independently rich ones.)

[kitajmaze]

Oh yeah I know it. I have two Masters and let me tell you the tax write off has saved our ass numerous times. Plus last year I had cancer and thousands in medical bills. The return I got partially based on that kept us in our house. This whole thing is a fucking disgrace. I'm going to the Denver rally tomorrow- even though I'm on medical leave for reconstruction. Bc FUCK this bullshit. Fuck it hard.

[tassosss]

This is a good summary. Thanks for it. We definitely need to make some noise.

[rachelmanija]

You forgot to mention possibly the very cruelest part. Currently you can write off medical expenses if they constitute 10% or more of your income out of pocket. This write-off only comes into play if you're insured and/or severely ill or extremely old, and is most commonly used for nursing home care for the elderly. The current tax bill removes it. If you're desperate and sick or very old and in need of care... sucks to be you, granny!

[kitajmaze]

Or if you have a catastrophic illness like I did last year. I'll add it.

Added it.