By 2027, the Joint Committee on Taxation estimates, everyone earning less than $75,000 a year will pay more in taxes in the Senate Republicans' tax cuts for the wealthy bill. That's a lot of people.
Just to put a point on this. On average, everyone under $75,000 gets a tax increase. Here's a shock: the poor would be hit hardest.
The poor would be hardest hit, with those making between $20,000 and $30,000 seeing their tax bills rise starting in 2021. By 2027, they would see a 25.4 percent increase in their tax bill. Those making over $75,000 would still see their taxes go down, albeit by less than 1 percent by the final year.
Jam the phone lines of your senators at (202) 224-3121. Tell them to vote "no" on the Republican tax bill.
That analysis doesn't include the effects of the repeal of the Obamacare individual mandate as pointed out by Greg Leiserson Director of Tax Policy and Senior Economist, Washington Center for Equitable Growth. That means Medicaid cuts, premium hikes, and cost-sharing reduction cuts aren't included. As he says "Consider this a charitable presentation." So the pain felt by lower-income Americans, in particular, would be even worse.
Thirteen million people losing health coverage. Annual cuts in Medicare of at least $25 billion. Cuts to the Social Services Block Grant, student loans, and mandatory spending in the Affordable Care Act. In exchange for making the lives of people earning more than $75,000—and corporations!—just a little bit better.