President Trump and Congressional Republicans continue to claim that their tax plan will help the middle class. Yet, the Republican tax framework will increase taxes for almost 8 million working families next year.
If enacted, the Republican tax reform proposal would saddle 8 million households that earn up to $86,100 with an average tax increase of $794—a substantial expense for working families. Last year, 44 percent of adults reported that they would be either unable to afford an unexpected expense of $400 or would have to sell their possessions or borrow money to make ends meet. A tax increase nearly double that would be devastating for cash-strapped families.
Raising taxes on working Americans while giving those in the top 1 percent an average tax cut of nearly $130,000 does not strengthen our economy or represent American values. In New Mexico, $794 could pay for 10 months of electric bills. In Ohio, it could cover over 2 months of health care premiums, and in Mississippi it could pay for over 2 months of child care costs.