Center for American Progress Action
Today is Tax Day, the filing deadline for Americans to submit their individual returns. You might notice a lot of the Congressional majority celebrating today, claiming that this is the final day of our “outdated tax laws” and many families will begin to benefit from the #TaxScam. Nothing could be further from the truth. Here’s what the #TaxScam has actually done:
- 83 percent of the tax cuts eventually go to the richest 1 percent of Americans.
- Banks are seeing huge windfalls, thanks to the legislation. JP Morgan, Wells Fargo, and Bank of America are all reporting major tax windfalls in the first quarter alone, worth more than all working and middle class family annual tax savings in 13 separate states.
- The bill’s provision to repeal the individual mandate means an estimated 13 million fewer Americans will have health insurance coverage.
- Companies are using their tax cuts to enrich their shareholders—not raise wages for working Americans. In fact, more than 100,000 layoffs, firings, or closures have been announced since the bill’s passage.
- Members of Congress are also seeing more money in their bank accounts. Some may be gaining hundreds of thousands or even millions from the pass-through loophole and Corker Kickback alone!
- Federal budget deficits will be $1.9 trillion higher over the next decade as a result of the tax law according to the Congressional Budget Office – putting health care, education, and other priorities at greater risk
Americans are taking notice of the lack of benefits for the majority of this country, as public opinion of the bill is falling and billboards are popping up to demand change. It’s clear: the tax bill, created and passed by Trump and the Congressional majority, is only good for those who are already extremely wealthy. Not one of the richest Americans? Then, don’t expect to be celebrating too much today.
ACTION OF THE DAY
Share Your Tax Story. Not seeing any decreases in your taxes? Wondering when the middle class will get the huge benefits promised by Trump? Watching your healthcare premiums go up? Share your story with us today! Then, make sure you share the tweet below!
#LiterallyIllegal. Yesterday, the Government Accountability Office (GAO) released a report stating the EPA Administrator Scott Pruitt had broken the law in his misuse of taxpayer dollars when he spent $43,000 on a private, soundproof phone booth. Under federal law, Congress is supposed to be notified before any spending over $5,000 in office improvements occurs. Pruitt’s flagrant, unchecked spending indicates that he sees himself as above the rule of law—a particular insult on Tax Day. His behavior is raising bipartisan red flags, with Senate Environment and Public Works Chairman Barrasso issuing a statement requesting additional information on Pruitt’s phone booth spending. The GAO report was quickly followed by an interim report from EPA’s Inspector General regarding Pruitt’s use of the Safe Drinking Water Act authority for special hires and salary raises that went around the White House’s authority.
Russian Aggression & Trump Collusion Continue. The Russian government has launched new cyber-attacks on Western governments around the world, according to statements from the United States and Britain. A government spokesperson from London said, “This is yet another example of Russia’s disregard for international norms and global order – this time through a campaign of cyber espionage and aggression.” Russia is also under scrutiny for its threats to independent journalism, as a Russian reporter “known for his investigations into Russian mercenaries in Syria” died under mysterious circumstances. These actions and more are pushing 70 percent of Americans to back stronger sanctions against Russia. But what is Trump doing about it? He’s reversed course on sanctions, blocking his own administration’s plans.
Utah Pushes for Medicaid Expansion. Utah chose not to expand Medicaid under the Affordable Care Act (ACA), which left more than 100,000 of its residents without coverage. But activists in Utah have just scored a big win, as they received 165,000 signatures—much more than required—to put “clean” Medicaid expansion on the ballot in November. And Utah isn’t the only state pushing for expansion—residents in Idaho, Nebraska, and Virginia are all fighting to ensure health care coverage for more people.
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