Instead of $2 Trillion Corporate Tax Cut, GOP Could Give Average American Families $17,000 Each
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.
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
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
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