Here’s what we learned last week about the Senate GOP tax proposal during last week’s Finance Committee hearings:
1. On Tuesday, a tax expert confirmed to Senator Brown that the bill actually encourages corporations to outsource jobs.
2. We learned the GOP had slipped a provision into their bill to repeal ACA, a move @USCBO said will actually take away $338B that currently goes toward helping working families afford their insurance to help pay for corporate tax cuts to the same companies who outsource US jobs.
3. Also on Tuesday, we learned from @USCBO that the bill would cause 13 million people to lose their insurance and raise insurance premiums by about 10 percent each year. cbo.gov/publication/53…
4. On Wednesday, a tax expert confirmed middle-class Ohioans could pay more in premium hikes than they’ll get in tax cuts under the bill.
5. Also on Wednesday, the Joint Economic Committee revealed that the bill would force a $25 billion cut to Medicare next year and a $16.4 billion Medicare cut for Ohio over ten years. jec.senate.gov/public/index.c…
6. On Thurs, JCT revealed that even while the bill makes its corporate tax cuts permanent, it lets the cuts for working Americans expire in just a few years. According to a study from JCT, families earning < $75k would start seeing annual increase in taxes over the next decade.
IN SHORT: this bill doesn’t cut taxes for working people. Instead, it takes away Ohioans’ healthcare and cuts the Medicare they have paid into for years – all to pay for tax cuts for the very corporations that send Ohio jobs overseas.
