Obamacare: Taxpayers Must Report Personal Health ID Info to IRS
The new form will require disclosure of a taxpayer’s personal identifying health information in order to determine compliance with the Affordable Care Act’s individual mandate.
As confirmed by IRS testimony to the tax-writing House Committee on Ways and Means, “taxpayers will file their tax returns reporting their health insurance coverage, and/or making a payment”.
So why will the Obama IRS require your personal identifying health information?
Simply put, there is no way for the IRS to enforce Obamacare’s individual mandate without such an invasive reporting scheme. Every January, health insurance companies across America will send out tax documents to each insured individual. This tax document—a copy of which will be furnished to the IRS—must contain sufficient information for taxpayers to prove that they purchased qualifying health insurance under Obamacare.
This new tax information document must, at a minimum, contain: the name and health insurance identification number of the taxpayer; the name and tax identification number of the health insurance company; the number of months the taxpayer was covered by this insurance plan; and whether or not the plan was purchased in one of Obamacare’s “exchanges.”
This will involve millions of new tax documents landing in mailboxes across America every January, along with the usual raft of W-2s, 1099s, and 1098s. At tax time, the 140 million families who file a tax return will have to get acquainted with a brand new tax filing form. Six million of these families will end up paying Obamacare’s individual mandate non-compliance tax penalty.
As a service to the public, Americans for Tax Reform has released a projected version of this tax form to help families and tax specialists prepare for this additional filing requirement. Taxpayers may view the projected IRS form at www.ObamacareTaxForm.com. On the form, lines 3-4 show where taxpayers will disclose their personal health ID information.
View PDF here.
More from Americans for Tax Reform
Top Democrat Aid Admits Green New Deal Not About Climate Change
Democrats have tried to make the case that Green New Deal is about climate change, but a top Democratic aid has revealed that the plan will do little to solve what many on the left are calling a climate crisis. According to Rep. Alexandria Ocasio-Cortez, "We're, like, the world is going to end in 12 years if we don't address climate change.” It appears, however, that that the Green New Deal was never intended to solve this apparent crisis.
Over the weekend, Ocasio-Cortez’s chief of staff Saikat Chakrabarti was quoted in the Washington Post saying that the Green New Deal, “wasn’t originally a climate thing at all ... we really think of it as a how-do-you-change-the-entire-economy thing."
This quote serves as direct evidence that the Green New Deal is just part of the left’s larger plan to move the American economy in a socialist direction. According to David Roberts of Vox, “The [Green New Deal] is, at its heart, a form of social-democratic populism…. Again, the GND is not just climate policy. It’s about transforming the economy … and creating a more muscular, active public sector.” Even one of the plans original cosponsors, Sen. Ed Markey of Massachusetts, sees the Green New Deal as a socialist program. “They call the Green New Deal pie in the sky. They call it socialism! … So here’s what I say for wind and solar and all-electric vehicles and clean energy: give us some of that socialism …”, said Markey in a recent interview.
The Green New Deal’s programs will have detrimental impacts on the growing US economy. A review of the original Green New Deal proposal by Americans for Tax Reform shows that the plan calls for ending the use of fossil fuels by 2030, decommissioning every nuclear power plant in the next ten years, ending air travel, mandating all new jobs be unionized, rebuilding “every building in the US for state-of-the-art energy efficiency” and blanket “economic security for all who are unable or unwilling to work.”
These programs come at an extremely high cost to the American taxpayer. According to Bloomberg News, “The so-called Green New Deal may tally between $51 trillion and $93 trillion over 10-years, concludes American Action Forum, which is run by Douglas Holtz-Eakin, who directed the non-partisan CBO from 2003 to 2005.”
Photo Credit: flickr
Kamala Harris: “We’ve Got to Increase the Corporate Tax Rate”
Democratic presidential candidate Kamala Harris said the corporate tax rate has “got to” be increased, during a roundtable in Davenport, Iowa, on Tuesday.
[Click here for video]
Harris said:
“We’ve got to increase the corporate tax rate.”
How high would Harris raise the corporate tax rate? She has repeatedly threatened a full repeal of the GOP-enacted Tax Cuts and Jobs Act. This means a return to a 35% corporate tax rate under a President Kamala Harris.
“Get rid of the whole thing,” said Harris on May 6 of the Tax Cuts and Jobs Act, which reduced the corporate rate from 35 to 21 percent.
“We need to repeal that tax bill,” Harris said again on Tuesday.
State corporate taxes average 6 percent across the U.S., so the Harris tax hike would give the U.S. a combined average corporate rate of 41 percent.
The Harris tax rate increase would give the U.S. a much higher rate than the United Kingdom (19 percent), China (25 percent), Canada (26.8 percent), and Ireland (12.5 percent). It would impose a tax rate higher than the current combined corporate rate across the 36 member Organisation for Economic Development and Cooperation (OECD), which is currently 23.7 percent.
An increase in the corporate tax rate would directly raise the cost of utility bills in all 50 states.
Harris Can’t Explain How She’d Pay for KamalaCare
In an interview with CNN, Presidential candidate Kamala Harris claimed that she could pay for socialized healthcare on America without tax increases on the middle class.
[Click here for video]
This claim is laughable.
Bernie Sanders, a leading supporter of socialized medicine, which he calls Medicare for All, has admitted that American families will pay more taxes. His plan even includes a new, $3.9 trillion, 4 percent payroll tax on workers.
This is likely the tip of the iceberg when it comes to tax increases on the middle class because the Sanders proposal only raises $14 trillion, roughly 40 percent of the cost of his Medicare for All Plan which would require $32 trillion and $36 trillion over the next decade.
For her part, Harris has repeatedly proposed repealing the Tax Cuts and Jobs Act, a middle-class tax cut which reduced taxes for an average family of four by $2,000 and reduced overall tax liability by an average of 24.9 percent.
Even assuming Kamala Harris is sincere in her desire to “pay for” socialized healthcare through taxing “the rich,” this would not come close to financing Medicare for All.
At one point, the CNN host pushed back on the Harris claim that the middle-class won't get hit with a tax hike, and said some people think she's trying to "find money in magical ways."
For instance, a “wealth tax,” a financial transactions tax, a 10 percent surtax on “the wealthy,” a 70 percent top rate, and doubling the tax rate on capital gains would pay for roughly 20 percent of the cost of Medicare for All according to the best-case scenario estimates by the left.
It is also important to note that these estimates assume no negative economic feedback, no changes in behavior, and do not account for any revenue loss from the corresponding other tax increases:
- A wealth tax (2% annual tax on $50 million in wealth, 3% annual tax on $1 billion) – a $2.75 trillion tax increase
- A financial transactions tax (0.1 percent on every transaction) – a $777 billion tax increase
- A 10 percent surtax on the wealthy ($2.9 mil in income and above) -- an $800 billion tax increase
- 70 percent top marginal income tax rate – a $353 billion tax increase
- Doubling tax rates on capital gains -- a $1.5 trillion tax increase
Total: $6.17 trillion (19 percent to 21 percent of the $32 - $36 trillion cost of “Medicare For All.”
Biden: “I Would Raise the Corporate Tax Rate” to 28 Percent
Biden tax hike would result in a combined federal-state corporate tax rate of 34%
Democrat presidential candidate Joe Biden said on Tuesday in Sioux City, Iowa that if elected, he would raise the corporate tax rate to 28 percent.
[Click here to watch]
Biden said:
“I would raise the corporate tax. I think we should have lowered it from 36 to 28 percent, but it got lowered to 20 percent. If we just raised it back to 28 percent, we would raise about 600 billion dollars a year. Look at all of the needs we have and the opportunities we have. Ladies and gentlemen, it begins by reversing those cuts.”
The Tax Cuts and Jobs Act permanently cut the corporate rate from 35 percent to 21 percent. Biden is incorrect when he says it was lowered to 20 percent.
State corporate taxes average 6 percent across the U.S., so this Biden tax hike would give the U.S. a combined average corporate rate of 34 percent.
The Biden 34 percent combined federal-state corporate rate would give the U.S. a much higher rate than the United Kingdom (19 percent), China (25 percent), Canada (26.8 percent), and Ireland (12.5 percent). It would impose a tax rate higher than the current combined corporate rate across the 36 member Organisation for Economic Development and Cooperation (OECD), which is currently 23.7 percent.
An increase in the corporate tax rate would also directly raise the cost of utility bills in all 50 states.
Biden has also repeatedly threatened a full repeal of the Tax Cuts and Jobs Act.
“First thing I’d do is repeal those Trump tax cuts,” said Biden during a campaign stop in Columbia, South Carolina on May 4.
Biden also continues to lie about the tax cuts. The Washington Post gave Biden four pinocchios when he said: “All of it went to folks at the top and corporations.” In its fact check, the Washington Post stated: “Most Americans received a tax cut.”
Even left-leaning and establishment media outlets confirm the good news arising from the Tax Cuts and Jobs Act:
- The New York Times also flatly stated: "Most people got a tax cut."
- CNN's Jake Tapper did his own fact check and concluded: "The facts are, most Americans got a tax cut."
- CNN's Jake Tapper also stated: "In fact, estimates from both sides of the political spectrum show that the majority of people in the United States of America did receive a tax cut."
- FactCheck.org stated: "Most people got some kind of tax cut in 2018 as a result of the law."
- FactCheck.org also stated: "The vast majority (82 percent) of middle-income earners — those with income between about $49,000 and $86,000 — received a tax cut that averaged about $1,050.
- The NYT also stated: “To a large degree, the gap between perception and reality on the tax cuts appears to flow from a sustained — and misleading — effort by liberal opponents of the law to brand it as a broad middle-class tax increase.”
See Also: 800 examples of good news arising from the GOP tax cuts
Democrat Steve Bullock Wants to Raise Corporate Tax Rate to 28%
Democratic presidential candidate Steve Bullock told POLITICO reporters and editors Tuesday he wants to raise the corporate tax rate to 28 percent.
“But he said he does favor boosting the corporate tax rate to 28 percent from 21 percent,” stated the POLITICO report.
The GOP-enacted Tax Cuts and Jobs Act permanently cut the corporate rate from 35 percent to 21 percent.
State corporate taxes average 6 percent across the U.S, so this Bullock tax hike would give the U.S. an average top corporate rate of 34 percent.
The Bullock 34 percent combined federal-state corporate rate would give the U.S. a much higher rate than the United Kingdom (19 percent), China (25 percent), Canada (26.8 percent), and Ireland (12.5 percent). It would impose a tax rate higher than the current combined corporate rate across the 36 member Organisation for Economic Development and Cooperation (OECD), which is currently 23.7 percent.
An increase in the corporate tax rate would also directly raise the cost of utility bills in all 50 states.
"Hiking the tax rate on American businesses will kill jobs, lower wages, and reduce new investment in America," said Grover Norquist, president of Americans for Tax Reform. "Why does Bullock want to damage American competitiveness and job creation?"
Photo Credit: Democratic Governors Association/Flickr
Norquist Letter to Schumer on Indexing Capital Gains
ATR President Grover Norquist today released a letter to Senate Minority Leader Chuck Schumer (D-N.Y.) urging him to encourage President Trump to index capital gains taxes to inflation. Schumer has long supported ending the inflation tax, as evidenced by his remarks on the House floor in 1992.
Read the letter here or below:
Dear Senator Schumer:
I saw the July 12 letter signed by 15 Democrat senators attacking your long-held support for ending the inflation tax on capital gains.
Your strong statement on Feb. 27, 1992 on the floor of the U.S. House was a powerful endorsement of the need to index capital gains to create jobs.
The fifteen Democrat senators need to listen to you when you stated:
“If we really want to increase growth, there are proposals that we can do. I would be for indexing all capital gains and savings and borrowing.”
How right you were. And are.
The White House shares your view that we must index capital gains to end the taxation of inflation. They are moving to enact this through their executive power as recognized and recently affirmed by the Supreme Court.
The Treasury Secretary has the authority to right this wrong simply by defining “cost” as the real cost, which is “cost plus inflation” rather than “historic cost.” The ability was confirmed by the 2002 Supreme Court decision Verizon Communications Inc. v. FCC.
The court made it clear that “cost” is a not an unambiguous term. There is historic cost, cost plus inflation, replacement cost, and others. And the present Supreme Court just clarified that agencies maintain that authority. The authority of Treasury to choose an appropriate definition of “cost” was made crystal clear in Kisor v. Wilkie on June 26, 2019.
You are correct that ending the taxation of inflation is both just and pro-growth.
The court is correct that the authority to right this wrong is in the hands of the Treasury Department.
I write to encourage you to urge President Trump to act as soon as possible to make this change and supercharge the U.S. economy.
That will fix the problem of taxing inflation quicker than you trying to talk sense to the 15 senators who disagree with you.
Sincerely,
Grover Norquist
President, Americans for Tax Reform
See also:
Schumer Video: "I Would Be For Indexing All Capital Gains"
Democrats Supported Indexing Capital Gains Taxes to Inflation in 1992
Photo Credit: Gage Skidmore
Kamala Harris Calls for Repeal of Tax Cuts Four Times in Three Minutes
In a span of three minutes, Democrat presidential candidate Kamala Harris called for the repeal of the Tax Cuts and Jobs Act four times, during a roundtable event in Davenport, Iowa today.
[Click here for video]
“On day one, it is my full intention to repeal that tax bill that passed, representing the top one percent and the biggest corporations in America,” Harris said.
“We need to repeal that tax bill,” Harris said.
“So, one, it’ll be about repealing that tax bill,” Harris said.
“And part of that is going to about repealing that tax bill that they just passed,” Harris said.
Since the start of her campaign, she’s called for repealing the Tax Cuts and Jobs Act at least ten times.
While Harris was speaking at a NAACP fundraiser in May, she threatened to “get rid of the whole thing,” if elected president.
Harris’s promise to repeal the tax cuts is a promise to raise taxes. If Harris repealed the tax cuts, the following would happen:
- A family of four earning the median income of $73,000 would see a$2,000 tax increase.
- A single parent (with one child) making $41,000 would see a $1,300 tax increase.
- Millions of low and middle income households would be stuck paying the Obamacare individual mandate tax.
- Utility bills would go up in all 50 states as a direct result of the corporate income tax increase.
- Small employers will face a tax increase due to the repeal of the 20% deduction for small business income.
- The USA would have the highest corporate income tax rate in the developed world.
- Taxes would rise in every state and every congressional district.
- The Death Tax would ensnare more families and businesses.
- The AMT would snap back to hit millions of households.
- Millions of households would see their child tax credit cut in half.
- Millions of households would see their standard deduction cut in half, adding to their tax complexity as they are forced to itemize their deductions and deal with the shoebox full of receipts on top of the refrigerator.
In Iowa , where Harris promised to repeal the TCJA, households making the average income, $58,570, received an average tax cut of around $1,423, according to a recent Tax Foundation report. According to the same report, every congressional district in America received a tax cut.
The Washington Post also stated: “Most Americans received a tax cut.”
More evidence of the benefits flowing from the tax cuts can be found in a recent H&R Block report, which stated, “overall tax liability is down 24.9 percent on average.”
In Harris’s home state of California, the report found that residents received a27.1% reduction in their taxes, on average.
In Iowa - the state where she made the threats to repeal the TCJA - residents received a 24.0% tax cut.
Even left-leaning and establishment media outlets confirm the good news arising from the Tax Cuts and Jobs Act:
- The New York Times also flatly stated: "Most people got a tax cut."
- CNN's Jake Tapper did his own fact check and concluded: "The facts are, most Americans got a tax cut."
- CNN's Jake Tapper also stated: "In fact, estimates from both sides of the political spectrum show that the majority of people in the United States of America did receive a tax cut."
- FactCheck.org stated: "Most people got some kind of tax cut in 2018 as a result of the law."
- FactCheck.org also stated: "The vast majority (82 percent) of middle-income earners — those with income between about $49,000 and $86,000 — received a tax cut that averaged about $1,050."
- The NYT also stated: “To a large degree, the gap between perception and reality on the tax cuts appears to flow from a sustained — and misleading — effort by liberal opponents of the law to brand it as a broad middle-class tax increase.”
See Also:
Julian Castro Caught Lying about GOP Tax Cuts
NYT: Bidencare Will be Funded by “rolling back” GOP tax cuts
Kamala Harris: I Will Repeal “That Tax Bill”
Cory Booker: “I do support” Imposing Carbon Tax on Americans
Harris: “We are Going to Repeal That Tax Bill”
Biden: I Will Raise Corporate Tax Rate to 28%
Kamala Harris Continues to Lie about Tax Cuts
Jay Inslee: “Repeal the Trump Tax Cuts”
Biden Running Ads to “Repeal Trump’s Tax Cuts.”
VIDEO: Ten Times Biden Threatened to Repeal Tax Cuts
Here’s what happens if Dems repeal tax cuts
VIDEO: 10 Times 2020 Democrats Have Threatened to Repeal TCJA
Kamala Harris: When I Enter Office "I Will Repeal" the TCJA
Biden: “First thing I would do as President is Eliminate the President’s Tax Cut.”
Bernie Sanders claims people would be “delighted to pay more in taxes”
Biden: Tax Cuts Will be “Gone” If I’m Elected
Kamala Harris: I Will Repeal Tax Cuts “on day one”
Biden again says capital gains tax is “Much too Low”
Biden: Capital gains tax “much too low”
VIDEO: Five Times Biden has Threatened to Repeal Tax Cuts
Biden: “First thing I’d do is repeal those Trump tax cuts.”
Joe Biden broke his middle class tax pledge
“Mayor Pete” Calls for Steep Tax Hike on Homes and Businesses
Kamala Harris Vows Repeal of Tax Cuts “on Day One”
Biden: “When I’m President, if God willing I am, we’re going to reverse those Trump tax cuts.”
Julian Castro Caught Lying about GOP Tax Cuts
During a CNN interview Monday, Democratic presidential candidate Julian Castro lied about the Tax Cuts and Jobs Act, claiming that they “only benefit the wealthy.”
[Click here for video]
“And he's [Trump] been the worst example of the swamp and of the good ole’ politics of Washington with these tax cuts that only benefit the wealthy,” Castro said on CNN’s New Day with John Berman.
Castro’s statement is incorrect. In fact, CNN's own Jake Tapper did his own fact check on the nature of the “wealthy” claim and concluded: "The facts are, most Americans got a tax cut."
Tapper also stated: "In fact, estimates from both sides of the political spectrum show that the majority of people in the United States of America did receive a tax cut."
Thanks to the Tax Cuts and Jobs Act:
- A family of four earning the median income of $73,000 saw a $2,000 tax cut.
- A single parent (with one child) making $41,000 got a $1,300 tax cut.
- Millions of low and middle-income households are no longer stuck paying the Obamacare individual mandate tax.
- Utility bills across all 50 states went down as a direct result of the TCJA’s corporate income tax rate reduction.
- Small businesses saw a tax decrease because of the 20% deduction for small business income.
- Taxes went down in every state and every congressional district.
More evidence of the benefits flowing from the tax cuts can be found in a recent H&R Block report, which stated, “overall tax liability is down 24.9 percent on average.”
In Castro’s home state of Texas, households making the average income of $59,206 saw an average tax cut of around $1,324 according to a recent Tax Foundation report.
In addition, the H&R Block report found that Texans received a 25.6% tax cut on average.
Even left-leaning and establishment media outlets confirm the good news arising from the Tax Cuts and Jobs Act:
- The New York Times also flatly stated: "Most people got a tax cut."
- FactCheck.org stated: "Most people got some kind of tax cut in 2018 as a result of the law."
- FactCheck.org also stated: "The vast majority (82 percent) of middle-income earners — those with income between about $49,000 and $86,000 — received a tax cut that averaged about $1,050.
- The NYT also stated: “To a large degree, the gap between perception and reality on the tax cuts appears to flow from a sustained — and misleading — effort by liberal opponents of the law to brand it as a broad middle-class tax increase.”
See Also:
NYT: Bidencare Will be Funded by “rolling back” GOP tax cuts
Kamala Harris: I Will Repeal “That Tax Bill”
Cory Booker: “I do support” Imposing Carbon Tax on Americans
Harris: “We are Going to Repeal That Tax Bill”
Biden: I Will Raise Corporate Tax Rate to 28%
Kamala Harris Continues to Lie about Tax Cuts
Jay Inslee: “Repeal the Trump Tax Cuts”
Biden Running Ads to “Repeal Trump’s Tax Cuts.”
VIDEO: Ten Times Biden Threatened to Repeal Tax Cuts
Here’s what happens if Dems repeal tax cuts
VIDEO: 10 Times 2020 Democrats Have Threatened to Repeal TCJA
Kamala Harris: When I Enter Office "I Will Repeal" the TCJA
Biden: “First thing I would do as President is Eliminate the President’s Tax Cut.”
Bernie Sanders claims people would be “delighted to pay more in taxes”
Biden: Tax Cuts Will be “Gone” If I’m Elected
Kamala Harris: I Will Repeal Tax Cuts “on day one”
Biden again says capital gains tax is “Much too Low”
Biden: Capital gains tax “much too low”
VIDEO: Five Times Biden has Threatened to Repeal Tax Cuts
Biden: “First thing I’d do is repeal those Trump tax cuts.”
Joe Biden broke his middle class tax pledge
“Mayor Pete” Calls for Steep Tax Hike on Homes and Businesses
Kamala Harris Vows Repeal of Tax Cuts “on Day One”
Biden: “When I’m President, if God willing I am, we’re going to reverse those Trump tax cuts.”
NYT: Bidencare Will be Funded by “rolling back” GOP tax cuts
2020 Democratic presidential candidate Joe Biden announced his healthcare plan on Monday, and according to The New York Times, the plan will involve “rolling back” the Tax Cuts and Jobs Act.
As reported by the NYT:
“Speaking to reporters on Sunday, officials with Mr. Biden’s campaign said his plan would cost $750 billion over 10 years and would be financed by rolling back the $1.5 trillion tax cut Congress passed last year and doubling the tax rate on capital gains for the wealthiest Americans — those with annual incomes of more than $1 million.”
Since the start of his campaign, Biden has vowed to repeal the Tax Cuts and Jobs act at least 12 times.
“First thing I’d do is repeal those Trump tax cuts,” said Biden during a campaign stop in Columbia, South Carolina on May 4.
Biden’s promise to repeal the tax cuts is a promise to raise taxes. If the tax cuts were repealed:
- A family of four earning the median income of $73,000 would see a$2,000 tax increase.
- A single parent (with one child) making $41,000 would see a $1,300 tax increase.
- Millions of low and middle-income households would be stuck paying the Obamacare individual mandate tax.
- Utility bills would go up in all 50 states as a direct result of the corporate income tax increase.
- Small employers will face a tax increase due to the repeal of the 20% deduction for small business income.
- The USA would have the highest corporate income tax rate in the developed world.
- Taxes would rise in every state and every congressional district.
- The Death Tax would ensnare more families and businesses.
- The AMT would snap back to hit millions of households.
- Millions of households would see their child tax credit cut in half.
- Millions of households would see their standard deduction cut in half, adding to their tax complexity as they are forced to itemize their deductions and deal with the shoebox full of receipts on top of the refrigerator.
The Washington Post also stated: “Most Americans received a tax cut.”
More examples of the benefits stemming from the tax cuts are shown in a recent H&R Block report, which states, “overall tax liability is down 24.9 percent on average.” In Biden’s home state of Delaware, the report found that residents received a 24.8% tax cut.
Biden also lied to the American people when he ran for Vice President in 2008 when he repeatedly said he would not support any form of any tax that imposed even “one single penny” of tax increase on anyone making less than $250,000. Biden shattered that promise upon taking office.
Even left-leaning and establishment media outlets confirm the good news arising from the Tax Cuts and Jobs Act:
- The New York Times also flatly stated: "Most people got a tax cut."
- CNN's Jake Tapper did his own fact check and concluded: "The facts are, most Americans got a tax cut."
- CNN's Jake Tapper also stated: "In fact, estimates from both sides of the political spectrum show that the majority of people in the United States of America did receive a tax cut."
- FactCheck.org stated: "Most people got some kind of tax cut in 2018 as a result of the law."
- FactCheck.org also stated: "The vast majority (82 percent) of middle-income earners — those with income between about $49,000 and $86,000 — received a tax cut that averaged about $1,050.
- The NYT also stated: “To a large degree, the gap between perception and reality on the tax cuts appears to flow from a sustained — and misleading — effort by liberal opponents of the law to brand it as a broad middle-class tax increase.”
See also:
Kamala Harris: I Will Repeal “That Tax Bill”
Cory Booker: “I do support” Imposing Carbon Tax on Americans
Harris: “We are Going to Repeal That Tax Bill”
Biden: I Will Raise Corporate Tax Rate to 28%
Kamala Harris Continues to Lie about Tax Cuts
Jay Inslee: “Repeal the Trump Tax Cuts”
Biden Running Ads to “Repeal Trump’s Tax Cuts.”
VIDEO: Ten Times Biden Threatened to Repeal Tax Cuts
Here’s what happens if Dems repeal tax cuts
VIDEO: 10 Times 2020 Democrats Have Threatened to Repeal TCJA
Kamala Harris: When I Enter Office "I Will Repeal" the TCJA
Biden: “First thing I would do as President is Eliminate the President’s Tax Cut.”
Bernie Sanders claims people would be “delighted to pay more in taxes”
Biden: Tax Cuts Will be “Gone” If I’m Elected
Kamala Harris: I Will Repeal Tax Cuts “on day one”
Biden again says capital gains tax is “Much too Low”
Biden: Capital gains tax “much too low”
VIDEO: Five Times Biden has Threatened to Repeal Tax Cuts
Biden: “First thing I’d do is repeal those Trump tax cuts.”
Joe Biden broke his middle class tax pledge
“Mayor Pete” Calls for Steep Tax Hike on Homes and Businesses
Kamala Harris Vows Repeal of Tax Cuts “on Day One”
Biden: “When I’m President, if God willing I am, we’re going to reverse those Trump tax cuts.”
Photo Credit: Barack Obama/Flickr
ATR, CWF Urge a NO Vote on the Raise the Wage Act
Americans for Tax Reform (ATR) and the Center for Worker Freedom (CWF) urge members of the House of Representatives to vote against the Raise the Wage Act.
The Raise the Wage Act (H.R. 582) was introduced by Representative Robert “Bobby” Scott (D-VA) on January 16, 2019. The Act would raise the federal minimum wage from $7.25 to $15 per hour after five years. It would also increase the minimum wage for tipped employees.
Representatives should vote against this bill because raising the federal minimum wage to $15 per hour would kill jobs and hurt American workers.
In fact, the Congressional Budget Office reached the same conclusion in its July 8th report titled: “The Effects on Employment and Family Income of Increasing the Federal Minimum Wage.”
The report describes how increasing the federal minimum wage to $15 an hour would likely result in 3.7 million fewer jobs. As Minority Whip Steve Scalise (R-LA) has pointed out, 3.7 million jobs is the entire population of the state of Oklahoma.
In addition, the report mentions that a higher minimum wage would lead to higher prices for consumers and would reduce the nation’s output. Finally, the CBO estimates that a $15 per hour minimum wage would reduce total real family income by $9 billion in 2025.
The report suggests that increasing the minimum wage would lead employers to replace their low-wage workers with machines or higher-wage employees. Employers could also reduce their workers’ benefits to compensate for the higher wage, or they might hire more independent contractors.
The effects of this bill are in sharp contrast to the effects of the Tax Cuts and Jobs Act and deregulatory actions by the Trump Administration. These actions have created more than 5.6 million new jobs since January 2017. In addition, for the past 16 months, the unemployment rate has been at or below 4%. Further, the unemployment rates for Asian Americans, Hispanic Americans, African Americans, Americans with Disabilities, and Veterans have been at record lows. The unemployment rate for adult women is also very low.
In contrast, empirical evidence from the states and most studies have shown that increasing the minimum wage only hurts the lowest-wage earners.
Because the Raise the Wage Act will hurt the low-wage workers that tax reform and deregulation have helped, Americans for Tax Reform and the Center for Worker Freedom strongly urge members of Congress to vote NO on the Raise the Wage Act.
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