Rep. Levin Issues Statement on Tax Conference
"While the tax conference committee will not have its first official meeting until tomorrow,
"The middle class is dramatically being left behind, and in some cases, run over by the Republican tax bill."
* The enormous tilt of tax breaks to the very wealthy in both the
* The millions of middle-class families who will face tax increases either immediately given the elimination or reduction of tax credits for education, health care, and state and local taxes (the effect of which is masked by averaging tax changes across groups rather than individuals), or over time because of bracket creep under the new, reduced inflation measure for the tax brackets and/or the sunsetting of certain provisions.
* The massive new tax loopholes that will be created, especially under provisions related to pass-through business income, and current loopholes that are not closed, such as the carried interest provision for wealthy investment managers, which
* The concern that provisions in these bills will increase, rather than reduce, the offshoring of US jobs and companies by increasing the incentive to move to tax havens.
* The rise in health insurance premiums that the
* The massive amount of new debt the
* And finally, the pressure this debt will apply to cut Medicare and other essential programs.
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