Disastrous Tax Bill Looms as Senate Moves Closer to Passage

Posted 29 November 2017CCDCC MDDEMs

From Maryland Democratic Party:

This week, Senate Republicans are expected to hold a vote on their massive tax giveaway for wealthy individuals and corporations, which will be financed by working families.  To date, Governor Larry Hogan has not stood with Maryland families against this proposal, which will hammer Maryland families.  If the Republicans pass their tax scam, Maryland will be one of the states most harmed.

Senate Tax Scam Sabotages Healthcare

Senate Republican’s tax bill would eliminate the individual mandate, which will leave 13 million fewer Americans with health insurance by 2027.  The bill could also trigger more than $400 billion in Medicare cuts over ten years, including more than $7.5 billion in cuts in Maryland.

Senate Tax Scam Penalizes Home Ownership

Senate Republican’s tax proposal penalizes home ownership for Marylanders.  In 2015, 46 percent of all Maryland taxpayers claimed the State and Local Tax (SALT) deduction, which would be eliminated by the Senate bill.   As a result, more than 600,000 Maryland homeowners will see an average tax increase of more than $1,500 in 2019, and more than 800,000 Maryland homeowners would see an increase by 2027.  Additionally, the plan will make the mortgage interest deduction less valuable for homeowners.  If the Senate plan is enacted, it could make homeownership unreachable to many young families, and lower home values by as much as 5 percent, less than a decade after the 2008 financial crisis.

Senate Tax Scam Lavishes Gifts on Wealthy and Gives Scraps to Working Families

Under the Senate tax plan, Maryland families in the top 5 percent of earners will take home more 75 percent of all tax cuts in Maryland, while the remaining 95 percent of earners will receive less than 25 percent of all cuts.
 
Senate Tax Scam Harms K-12 Students

In addition to taxing Maryland workers’ twice on their income, the Senate’s proposal’s elimination of the SALT deduction would also rip more than $12 billion in federal education funding from Maryland students in the next 10 years.  Provisions in the Senate plan could also lower home values by as much as 5 percent, which would impact local government’s ability to raise revenue to invest in public schools. 

Senate Tax Scam Makes College More Expensive

Senate Republicans want to eliminate the student loan interest deduction, which punishes Marylanders for pursuing a higher education.  In 2014, more than 200,000 Marylanders claimed the deduction to reduce their taxable income by an average of $1,100 dollars.    

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