While Americans remain distracted by the flurry of tweets coming from President Trump this week, Sen. Mitch McConnell and the Republicans in the senate are inching their controversial tax bill closer to the finish line.
Tax reform is the Holy Grail of Republican legislation, and this deeply flawed bill continues to advance towards passage, despite its massive unpopularity and almost daily revelations about the damage it’s expected to cause. Report and report highlight how most Americans will see their taxes increased under the bill, especially in the short run, and in the long run, the benefits of it heavily favor the über wealthy, including the President’s family – coincidentally, we’re sure.
None of that seems to deter the GOP, but a new report released by AARP Wednesday just might. According to the influential advocacy group representing Americans 65 and older, millions of seniors will actually see their taxes go up immediately, and several million more over the span of the bill will pay more in taxes as well.
In an article published on the AARP website, the group’s Vice President for Public Policy Gary Koenig, and Maxim Shvedov, Senior Strategic Policy Advisor, wrote:
“Overall, 20 percent of taxpayers 65+, totaling 6.3 million taxpayers, would either see no change or experience a tax increase in 2019 under the SFC tax bill. Among them, 1.2 million would get a tax hike and 5.1 million would see no change. About 29 percent of taxpayers 65+ with income below $65,150 (the income limit that captures 60 percent of all taxpayers), would see no tax change or a tax hike.”
And it gets worse. After all the sunsetting clauses in the bill are triggered, “the projected number of taxpayers 65+ experiencing a tax hike would jump more than four times in eight years from 1.2 million in 2019 to 5.2 million in 2027,” they continue. “Add the 5.6 million older Americans who would see no tax change in 2027, and the total number of taxpayers 65+ not receiving a tax cut rises to 10.8 million.”
The article also points out that the increases to the deficit this bill will trigger jeopardizes Medicare funding and reimbursements down the road. Which means millions of seniors will see no tax relief, millions more will see a tax increase, and Medicare and other benefits will be reduced down the road.
When combined with the fact that their children and grandchildren will see tax increased AND potentially lose federal healthcare subsides currently available under Obamacare, family resources will be stretched more than ever just to care for basic needs.
This is not the America we deserve.