Devastating Impact of GOP Tax Plan in Georgia

 

Release:  Thursday, November 16, 2017   

                                                                                     

Devastating Impact of GOP Tax Plan in Georgia

Atlanta, GA – Today, House Republicans will vote on a bill to increase taxes on middle class families and provide massive giveaways to billionaires and wealthy corporations. While Senate Republicans debate their tax plan in committee, the latest edition calls for permanent tax break for the richest, paid for by cutting health care and other programs Social Security, Medicare, Medicaid, and education that working Georgia families rely on every day.

 

“The GOP is blatantly misleading Georgians about their tax plan. This plan amounts to nothing more than a stimulus program for millionaires and billionaires. The GOP tax plan is full of hidden hits to middle-class Georgia families by making makes drastic cuts to Social Security, Medicare, Medicaid, education, and other programs Georgians rely on every day, just to pay for permanent tax cuts for the wealthy.” – DuBose Porter, Chair

 

The House Republican tax scam hurts teachers in Georgia by repealing a tax credit for teachers who buy their own school supplies.

College students in Georgia will also be hurt, because the House tax scam makes student loans more expensive. 312,697 graduates in Georgia take advantage of the student loan interest deduction House Republicans want to eliminate, saving $1,077 on average. – Center for American Progress

Georgia’s seniors will find it harder to save for retirement or cover their medical bills.
In fact, the House GOP tax scam would take away all Georgians’ ability to deduct their medical expenses. 312,604 Georgia residents deducted their medical expenses in 2014, saving $8,394 on average. – Center for American Progress

The House Republican tax bill could also force $25 billion in automatic cuts to Medicare next year. More than 1,519,461 Georgians who rely on Medicare could be at risk. – Kaiser Family Foundation

Workers in Georgia would be hurt by the corporate tax giveaway. The Republican tax plan incentivizes large companies to move jobs overseas by giving them a 0% rate on most foreign profits. While big corporations take advantage of this loophole, small businesses on Main Street will find it harder to compete.

The Republican tax scam threatens to take the state and local tax deduction (SALT) away from tens of millions of households nationwide. The deduction ensures that Americans are not taxed twice on the same income. In Georgia, 1,030,000 residents would no longer be able to use the state and local deduction to save hard-earned money on their federal tax returns under the House tax scam. – Institution on Taxation and Economic Policy

Distressed and rural communities could lose an important program that funds hundreds of hospitals, daycare facilities, alternative energy projects, and small businesses. The House GOP plan ends the New Market Tax Credits program, which has spurred over $600,000,000 in community investments in Georgia and created over 6,042 full-time jobs since 2003. – U.S. Congress Joint Economic Committee

Clean and renewable energy businesses looking to invest and build in Georgia would be at a disadvantage under the House tax plan. The bill would phase out popular tax credits for wind and solar energy that renewable and natural energy industries in Georgia rely on, making it more difficult for Georgia businesses to qualify for the construction tax credits.

Georgians recovering from a natural disaster, such as a flood, hurricane, tornado, or fire would be at a disadvantage, because the House Republican tax bill eliminates a critical infrastructure financing measure designed to help states rebuild after sudden events.