Senator Heller continues to lie about the real effects of his harmful tax scam, but Nevadans are learning the truth. It’s the most unpopular major bill in decades because billionaire donors, Big Oil companies, and Wall Street banks will make out like bandits while millions of working families pay the price.
Here’s five ways Senator Heller’s tax bill screws over regular families:
More than half of all Americans will eventually see a tax increase under this bill.
Taxes go up on the costs of repairing damage from fires, floods, burglaries and similar events.
Taxes go up on your moving expenses.
Even the deduction for the cost of preparing your taxes is gone. Really.
Tax Policy Center: Under The Tax Cuts And Jobs Act, 53 Percent Of Taxpayers Would Pay More By 2027. The Tax Policy Center has released distributional estimates of the conference agreement for the Tax Cuts and Jobs Act as filed on December 15, 2017. We find the bill would reduce taxes on average for all income groups in both 2018 and 2025. In general, higher income households receive larger average tax cuts as a percentage of after-tax income, with the largest cuts as a share of income going to taxpayers in the 95th to 99th percentiles of the income distribution. On average, in 2027 taxes would change little for lower- and middle-income groups and decrease for higher-income groups. Compared to current law, 5 percent of taxpayers would pay more tax in 2018, 9 percent in 2025, and 53 percent in 2027. [Tax Policy Center, 12/18/17]
Congressional Budget Office: As A Result Of The TCJA’s Repeal Of The Individual Mandate, “Average Premiums In The Nongroup Market Would Increase By About 10 Percent” In Most Years Of The Next Decade. “In response to interest from Members of Congress, the Congressional Budget Office and the staff of the Joint Committee on Taxation (JCT) have updated their estimate of the effects of repealing that mandate. As part of repealing the mandate, the policy analyzed would eliminate the penalty that people who have no health insurance and who are not exempt from the mandate must pay under current law. […]Average premiums in the nongroup market would increase by about 10 percent in most years of the decade (with no changes in the ages of people purchasing insurance accounted for) relative to CBO’s baseline projections.” [Congressional Budget Office, November 2017]
AARP: As A Result Of Repealing The Individual Mandate, The Average Premiums For 64-Year-Olds Could Rise By Almost $1,500. “Furthermore, the repeal of the individual mandate will increase costs and cause millions of Americans to lose health insurance coverage. The CBO estimates that elimination of the requirement that individuals have health care will result in 13 million fewer Americans with health coverage over the next ten years. CBO also estimates that it will cause premiums in the health insurance marketplace to increase by approximately ten percent. As a result, premiums for 64-year-olds could increase by an average of $1,490.” [AARP, 12/19/17]
NYT: Under The New Tax Plan, Fire, Flood, And Burglary Victims Can Only Deduct Losses That Occurred “During An Event That The President Officially Declared To Be A Disaster.” “NOW If you’re a victim of a house fire, flood, burglary or similar event, you can generally deduct losses — as long as each loss is more than $100 and all losses collectively exceed 10 percent of your adjustable gross income. NEW PLAN Starting next year, taxpayers can still deduct these losses using the same rules — but only if the loss occurred during an event that the president officially declared to be a disaster.” [New York Times, 12/16/17]
NYT: Under The New Tax Plan, Moving Expenses Would No Longer Be Deductible. “NOW Taxpayers can deduct moving expenses — even if they do not itemize their tax returns — as long as the new workplace is at least 50 miles farther from the old home than the old job location was from the old home. (If you had no workplace, the new job must be at least 50 miles from your old home.) NEW PLAN Moving costs would generally no longer be a deductible expense starting in 2018, though it allows some exceptions for members of the military.” [New York Times, 12/16/17]
NYT: Under The New Tax Plan, Costs Associated With Tax Preparation Would No Longer Be Deductible. “NOW You can usually deduct the amount your tax preparation specialist billed you or any similar tax-related expenses, like software you purchase and the fee to file your forms electronically. NEW PLAN Taxpayers would no longer be able to take this deduction.” [New York Times, 12/16/17]