Extending Tax Cuts

Last week, Democrats in the Senate passed legislation to extend tax cuts for 98% of the nation, while forcing the top 2% to pay their fair share again. This week, Republicans in the House are countering that vote, with legislation to give millionaires a massive $187,000 annual tax cut, while raising taxes on the middle class and working Americans. The so-called tax reform law being considered by Republicans this week – would drop the top income tax rate in America down 25%. And rather than closing loopholes that allow corporations like GE to pay nothing in taxes, Republicans are getting rid of deductions that give average working families some tax relief. According to an analysis by Citizens for Tax Justice, the Republicans plan would massively shift the tax burden down the income scale – hitting low and middle income Americans the hardest. The Republican Party is now officially the Party of, by, and for the top 1%.