GOP Tax Plan Largely Benefits Those Who Need Help the Least

Leaders of the House of Representatives on Nov. 2 unveiled their tax plan that would mostly benefit those who need help the least: wealthy individuals and large corporations.

Specifically, the House plan would:

  • Eliminate several deductions and tax credits that have helped working-class families, including being able to deduct student loans and medical expenses and getting a tax credit for adopting a child.
  • Repeal the deductions for state and local income and sales taxes.
  • Cap the property tax deduction.
  • Slash in half the mortgage interest deduction for new homebuyers – which would especially hurt homeowners in high-cost cities such as Washington and New York.
  • Double the estate tax exemption allowing the rich to avoid paying taxes on large inheritance. The estate tax will be eventually repealed in six years, saving them $170 billion.
  • Cut the corporate tax rate from 35% to 20% -- a $1.5 trillion tax cut.
  • Cut taxes owed by corporations on their $2.6 trillion in profits stashed offshore from 35% to 12%, saving corporations $530 billion.

It’s important to note that these corporate tax cuts would be paid for by deep cuts elsewhere – public education, health care, research, environmental protection, Social Security, housing, job training, social services, etc. In the Republican budget, two hugely popular programs, Medicare and Medicaid, would also be cut to fund these tax cuts.

Too many American workers have been suffering from stagnant wages, rising costs for health care and other essentials, and an economic system that favors the millionaires and billionaires. This plan does nothing to help them.


Recent AFGE News:

Our Union Kicks off 41st Convention as Threats Mount

August 06, 2018

Our union has faced life-threatening challenges before, but these threats are different. We have politicians in the White House, the House, and the Senate who are hell bent on wiping us out. We have never had our union contracts unilaterally annulled, our union volunteers kicked out of offices, our work fighting injustice severely restricted or denied. That’s why this national convention is extremely important. The stakes have never been higher – and that's why our 41st Triennial National Convention is so important.

Read More

Why Your Coworkers Need to Join Our Union Now

August 06, 2018

With all the new anti-federal employee laws, pending bills, and Executive Orders, you may feel federal employees are the sole target of politicians. In reality, these politicians have been coming after all working people for decades.

Read More

AFGE On the Rise: What We've Accomplished Together

August 06, 2018

A lot of things have happened since our last national convention in 2015 – a new administration, hiring freezes, anti-union executive orders – just to name a few. But our list of some of our accomplishments below shows that our union is most powerful when we all stand together to protect our rights and democratic values.

Read More


Join AFGE Today

BECOME A MEMBER

AFGE Events

Event Calendar is for Members Only. Please Log In to see our calendar of events.

LOG IN!

SUBSCRIBE Latest news & info