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Joint Economic Committee Democrats Chairman - Senator Martin Heinrich (D-NM)

Publications

Nov 30 2017

November Economic Snapshot of the States

Although the U.S. economy overall continues its expansion following the Great Recession and associated financial crisis, the recovery can look very different from state to state. The lion’s share of economic gains are not only concentrated at the top of the income and wealth distribution, but also in a small share of regions. While some parts of the country have surged ahead, millions of Americans in urban and rural communities are still waiting for their wages to start rising again and struggling to make ends meet.

Nov 29 2017

Working Families Receive Most Casualty Loss Deduction

Households claimed $1.6 billion in casualty losses in 2015, including over $1 billion by households making under $100,000. The Senate GOP tax plan shifts the burden onto families suffering losses from theft or natural disasters to pay for tax giveaways to large corporations and the very wealthy. The Senate plan would restrict the casualty loss deduction to disasters that receive a Presidential Disaster Declaration (PDD), which will leave out many families.

Nov 28 2017

Senate GOP Tax Plan Jeopardizes Charitable Giving

The tax legislation Senate Republicans are expected to bring to the floor this week compromises donations to nonprofits that touch virtually every part of American life, from education and health care to financial literacy and public lands. Estimates of similar plans show that annual charitable contributions could drop by as much as $11 billion under the Republican tax proposal.

Nov 28 2017

Senate GOP Tax Plan Will Crush Public School Budgets

The Senate GOP tax bill hurts every state’s ability to fund its schools, yanking support for education investments in our children. Senate Republicans’ plan to eliminate the state and local tax (SALT) deduction prevents families from recouping many costs, such as funding local public schools. Wiping out the SALT deduction would jeopardize education revenues and hundreds, even thousands, of teaching positions in each state.

Nov 27 2017

Senate Tax Plan Pays for Corporate Tax Cuts with Individual Tax Hikes

The Senate tax cut proposal makes the GOP’s priorities clear—once the bill is fully implemented, it will raise taxes on individuals in order to make tax cuts for corporations permanent. In 2027, the bill raises taxes on the individual side of the code by $43 billion while cutting taxes on corporations by $54 billion. Because corporate equity is mostly owned by wealthy Americans, this has the effect of making the tax code more regressive—shifting the tax burden more towards working families.

Nov 16 2017

House GOP Tax Plan Makes Owning a Home Harder

Homeownership plays a fundamental role in the pursuit of the American Dream. Yet, the House Republican tax plan erodes the benefits of homeownership by increasing its costs and making it harder to save for a down payment.

Nov 16 2017

House GOP Plan Raises Taxes on People Who Get Sick

As attention shifts to the Senate bill’s elimination of the individual mandate in the Affordable Care Act, which could increase the number of uninsured by 13 million, it is important to highlight that the House Republican tax plan also wades into health care, raising taxes on millions of Americans with high medical costs through repeal of the medical expenses deduction.

Nov 15 2017

Republicans Greenlight Tax Hikes for Teachers and Firefighters

Congressional Republicans claim that their tax plan will put more money in the pockets of working Americans. But under the House bill nearly 24 million working Americans would see higher taxes. These Americans include teachers who educate our children, policemen who protect our communities, and construction workers who help rebuild our nation’s road and bridges.

Nov 15 2017

Wait, the GOP Tax Plan Means Medicare Cuts?

Republicans continue to press for changes to our nation’s health care system that will upend markets, breed uncertainty, and leave millions wondering whether they will have health coverage. Now, the Republican tax plan threatens significant cuts to the Medicare program. A little-known law could mean that the passage of the GOP tax reform bill will invoke massive cuts to the Medicare program, totaling around $410 billion over ten years.