Just two days before Thanksgiving, Rights & Democracy VT delivered pies to top Vermont officials in protest of the recently passed House bill that will give wealthy donors huge tax breaks while raising the taxes and health care premiums of the middle class.
Corporate tax giveaways will give high-income households and CEOs a lot to celebrate this Thanksgiving, but not everyday Vermonters.
The Tax Policy Center estimates that by 2027 these corporate tax cuts would provide a $14,890 tax break for households with incomes over $1 million and $94,540 for households in the top 0.1 percent (those with incomes over $3.1 million in 2017).
In Vermont, more than 60% of folks in the Green Mountain State will pay MORE in taxes by the year 2027 under the current proposal.
That's a lot of pie for the 1% and nothing but crumbs for the rest of us.
We delivered fresh-baked pies to the offices of Sen. Patrick Leahy and Sen. Bernie Sanders as well as Rep. Peter Welch to thank them for their efforts to preserve health care coverage and to encourage them to vote against the Senate tax reform bill. We are also urging Gov. Phil Scott to join the delegation in rejecting this tax plan, which relies heavily on cuts to Medicaid and Medicare.
"We want to thank our Congressional delegation for leading the resistance to this massive transfer of wealth of the 1% while at the same time putting the costs on the backs of poor and working Vermonters by raising their taxes or stripping them from health care," said James Haslam of Rights & Democracy. "We urge Gov. Phil Scott to join our delegation in opposing these cuts to health care and protecting Vermonters from having their taxes raised only so that the wealthy can further gorge themselves financially."
Continue reading more about the impacts of this proposal, as well as our full letter to Vermont' congressional delegation
The Republican tax cut plan will increase taxes on 47 million poor and middle-class Americans while giving an average tax cut of $62,000 to the wealthiest 1 percent of taxpayers. Multi-national corporations like Pfizer, Wells Fargo and Apple will receive over 70 percent of the tax cuts in the bill. That’s not tax reform – it’s a tax heist. This is nothing more than a massive tax break for millionaires, billionaires and corporations paid for by everyone else.
The richest households and big multinational corporations that offshore profits and jobs will get a virtual cornucopia of tax breaks and perks on the House and Senate Republican tax bills. More than 70% of the tax breaks in each bill go to big corporations in the form of lower taxes on foreign profits, a lower corporate tax rate and other benefits.
To pay for these big tax breaks for corporations, CEOs and shareholders, Republicans plan to carve up health care and public services that our families depend on every day. The Republican plan already calls for slashing $1 trillion from Medicaid, nearly $500 billion Medicare and, now, for repealing a key part of the ACA that would add 13 million people to the rolls of the uninsured.
Repealing the ACA has already failed multiple times in Congress, but Senate Republicans have put it back on the menu in order to pay to a permanent tax reduction for corporation from 35% down to 20%. The Congressional Budget Office (CBO) estimates that coverage losses under this proposal would raise the rate of uninsured people from 11% to 16%, increase premiums for about 7 million middle class people by about 10%, and lead to even more instability in insurance markets.
While corporations and the wealthy will be gorging themselves on a veritable feast of tax cuts, the rest of us will have little to grateful for under these proposals. Middle-income families would get paltry leftovers—about $120—from these tax cuts in the Senate bill. Many middle class people will actually see their taxes increase because the plan will take away key deductions like the State and Local Tax Deduction (SALT), key education and tuition deductions and exemptions, the medical expense deduction and many others that lower middle class families’ tax bills.
OUR LETTER TO VERMONT'S CONGRESSIONAL DELEGATION
In honor of the Thanksgiving Holiday we would like to thank you for consistently voting in opposition to attempts to dismantle our American health care system. This includes efforts to repeal the Affordable Care Act, but also the recent “tax reform” bill which will add more than $1.4 Trillion to the debt, put Medicaid and Medicare funding on the chopping block, and shift millions of dollars to the wealthiest people in the country.
We would also urge you to keep up the fight of the repeal of the Affordable Care Act’s individual mandate which would result in 13 million fewer people obtaining health insurance and a 10 percent increase in premiums for people in the non-group health insurance market, according to the Congressional Budget Office.
As Vermonters gather with family and friends around the Thanksgiving table, many will be thankful for their good health. Others, who suffer from serious health issues will be anxious about their future. Will they be able to get the health care they need or will they even be at the table next year? We need you to continue to fight for them and for all of us.
Thank you for standing up for the ordinary people of Vermont and have a Happy Thanksgiving.
Rights and Democracy