Here’s the first thing to know: this is not going to be true tax reform. Calling it “tax reform” suggests they intend to close corporate loopholes or address the growing wealth inequality that the current tax code fuels. But that’s not what Republicans have in mind.
Instead, they want tax cuts for the wealthy and corporations paid for by adding $1.5 trillion to the deficit—which will force deep cuts to Medicaid, Medicare, and Social Security down the road.
The entire tax plan is a scam—so make sure you call it that. Trump says it’s about the middle class and small business but the non-partisan analysis from Tax Policy Center and Institute of Taxation and Economic Policy shows something else: the vast majority of benefits flow to the wealthy and corporations. Our full explainer on tax cuts for the rich is here, and our explainer on corporate tax cuts is here. But here are some highlights:
- It slashes the corporate tax rate, which is a giveaway to shareholders and CEOs that doesn’t actually benefit workers like Trump says it will
- It lowers the top tax rate for the wealthiest individuals and raises the bottom tax rate
- It repeals measures like the estate tax and the Alternative Minimum Tax, which only benefits the wealthiest of the wealthiest Americans—including Donald Trump himself
Here’s what we need to start building a groundswell of opposition to this bill:
- National Call In Day, Thursday, November 2nd: After Republicans drop their bill on Wednesday, we’ll email you with our full analysis, call scripts, and contact information so you can let your MoCs how you feel about their scammy bill. Many of our national allies are planning a national call in day on Thursday, November 2, so mark your calendars, start reading call scripts (click here for your Democratic MoCs and here for your Republican MoCs), and get ready to light up those phone lines!