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GOP plan would hike taxes on 53% of Americans while the richest 1% get a tax cut
The richest 1% receive nearly 83% of the bill’s tax benefits
MADISON — The Tax Policy Center today released a new report on the #GOPTaxScam that once again confirms that Republicans’ latest iteration of their tax plan is as bad as every version that came before it. According to the TPC, the GOP tax plan supported by Senator Ron Johnson, Speaker Paul Ryan, and U.S. Senate candidates Leah Vukmir and Kevin Nicholson would:
- Hike taxes on 53% of Americans;
- Gift the richest 1% of Americans 82.8% of the bill’s tax cuts; and,
- Ensure that nearly 4-in-5 members of the richest 1% get a tax cut, even as most Americans are forced to pay more in taxes.
The GOP tax plan also repeals the Affordable Care Act’s individual mandate, which would have the effect of spiking Americans’ healthcare premiums by 10% and leaving 13 million more Americans without health insurance coverage.
The TPC report comes as national polling shows that 50% of Americans correctly expect to face a tax hike under the GOP tax plan and that 47% of Americans disapprove of the legislation. The Milwaukee Journal Sentinel today reported deep skepticism toward the GOP plan in rural Wisconsin, and quoted former Republican Governor Tommy Thompson as saying, “I don’t think (people) understand [the plan]. I don’t think they think there’s going to be anything in it for them. … A business tax cut from 39 to 22 (percent) doesn’t mean jack to them.”
Johnson famously held out on supporting the bill until he could be certain he’d be gifted a Badger Bribe tax cut for his family business, but Vukmir, Nicholson, and Ryan have throughout dutifully supported their party’s efforts to hike taxes on working families in a corrupt transfer of wealth to corporate special interests and the megadonor class.
“This tax plan is corrupt DC-corporate special interest collusion at its worst,” said Democratic Party of Wisconsin Chair Martha Laning. “Rather than focus on delivering needed real tax reform for middle-class Wisconsinites and small business owners, Republicans are instead forcing through a scam tax hike on half of Americans in a massive giveaway to corporate special interests and billionaire CEOs.