YOUR TAX SCAM HURTS – AND THIS IS HOW!
Ed Royce: STOP THE MIDDLE-CLASS TAX HIKE THAT PAYS FOR TAX CUTS FOR THE RICHEST 1% & WEALTHY CORPORATIONS
This week Congress will vote on a tax plan that will give a huge tax cut to the richest 1% of Americans and wealthy corporations.
It is going to be paid for by raising taxes on many middle-class families here in California and by slashing funding for Medicare, Medicaid, education and more.
EFFECTS OF THE REPUBLICAN TAX PLAN IN CALIFORNIA
- One-half of the tax cut will go to the richest 1% in California.
They will get a $27,000 tax cut each year on average once the plan is fully phased in.
- The tax plan gives a $1 trillion tax cut to wealthy corporations and business owners—twice as much as it gives to individual taxpayers.
- 1 out of 4 middle-class families in California will pay $1,610 more in taxes a year when the plan is fully phased in.
[Source: Institute on Taxation & Economic Policy, Nov. 2017]
REP. ROYCE: DON’T REPEAL THE STATE AND LOCAL TAX DEDUCTION
A big way the Republican tax plan hikes federal taxes on the middle class is by taking away our right to deduct state and local taxes (SALT) on our federal tax returns.
In Rep. Royce’s 39th Congressional District:
- 33% of taxpayers take SALT deductions of about $15,600 a year on average.
[Government Finance Officers Association]
- Under the GOP tax plan, a middle-class couple with two children owning a home could face a tax increase of up to $2,300 next year—due to the partial repeal of SALT.
[Source: Americans Against Double Taxation]
- Repealing SALT means families will be double taxed:
It is wrong to tax Americans twice on their hard-earned incomes.
They should not pay federal taxes on the taxes they already paid to state and local governments.
- Repealing SALT is a double standard:
The Republican tax plan cuts ends the SALT deduction for individuals and families, but still allows corporations to claim the SALT deduction—a clear and unfair double standard.
CALL REPRESENTATIVE ROYCE at 202-225-4111
NO MIDDLE-CLASS TAX HIKES TO PAY FOR TAX CUTS FOR THE RICHEST 1% AND WEALTHY CORPORATIONS!