LITTLE ROCK - The United States Senate passed their version of a tax reform bill early this morning. The hasty vote saw numerous rewrites to the bill mere hours before its passage by a narrow-margin vote of 51 to 49. Multiple reports conducted by the Congressional Budget Office and the Joint Committee on Taxation have shown the bill will add over $1 trillion to the deficit and increase taxes on a majority of Americans over time. The latter of which Chairman of the Democratic Party of Arkansas Michael John Gray said was reprehensible.
"Republicans sold this bill as a bill for the middle class; it is anything but," Gray said. "Ask yourself: why else would you make tax breaks for the big corporations permanent, but the ones on hardworking American families temporary? This bill hurts seniors, it hurts students, it hurts the sick, it hurts small businesses, and it hurts the middle-class. The one group in America this bill does not hurt is the Washington elite. Our Republican Congressmen, our President, and the lobbyists in Washington will all line their pockets at the expense of the rest of us hardworking Americans. That is reprehensible."
"Lower-income households would be hit harder in later years, according to the analysis — 88.4% of people making $40,000 to $50,000 a year would see no change or an increase in their taxes...By 2027, 84.1% of Americans would see no change or an increase of at least $100 in their taxes compared with under current law, the analysis found." (Business Insider, Here's Who Would be the Winners and Losers Under the GOP Tax Bill)
"By 2019, Americans earning less than $30,000 a year would be worse off under the Senate bill, CBO found. By 2021, Americans earning $40,000 or less would be net losers, and by 2027, most people earning less than $75,000 a year would be worse off. On the flip side, millionaires and those earning $100,000 to $500,000 would be big beneficiaries, according to the CBO’s calculations." "4 million Americans to lose health insurance by 2019 and 13 million to lose insurance by 2027." (Washington Post, Senate GOP Tax Bill Hurts the Poor More than Originally Thought)
"AARP's own estimates found the bill would hike taxes on 1.2 million people age 65 and older in 2019, and that the number of people in that age group seeing higher taxes would be 5.2 million by 2027."(NBC, AARP Opposes Senate Tax Bill, Calls Medicare Cuts and Individual Mandate Repeal 'Troubling')
"NFIB says that most small businesses wouldn't qualify for the lower rate because of the way the new rate is structured. Additionally, the bill as a default position would not allow income from personal services businesses, such as law and accounting firms, to be eligible for the 25-percent rate." (The Hill, Small Business Lobby Opposed to GOP Tax Bill)