Madison, Wisconsin – As Republicans in the U.S. Senate work to pass their version of the tax plan, a recent CBO score shows that children and families would be affected the most. The plan would raise taxes on the middle class and working families while expanding tax breaks for the wealthiest and adding $1.4 trillion to the deficit over the next decade.
“As child care costs continue to rise and wages remain stagnant, working parents are struggling to make ends meet,” said Senate Democratic Leader Jennifer Shilling (D-La Crosse). “Rather than creating more tax breaks for the wealthy, we need to focus on policies that will protect seniors, strengthen our workforce and support working families.”
With changes to the child tax credit and the repeal of Affordable Care Act provisions, middle class taxpayers will see a tax hike and an expected 13 million Americans will lose health insurance. According a report from the AARP, millions of older Americans would see higher health care costs and premium increases under the Senate Republican proposal.
“The opportunity to achieve the American Dream is out of reach for far too many families because Republican tax policies favor the wealthy,” said Shilling. “Our economy works best when everyone gets a fair shot and everyone plays by the same rules. Rather than more Republican tax breaks for the wealthy, Democrats want to restore tax fairness and create a better deal for communities, children and working families.”
Wisconsin Democrats have authored legislation to target tax relief to working families and reign in tax breaks for the wealthy. No action has been taken by the Republican majority on Senate Bill 37 that would expand a targeted child care income tax credit. Additionally, Republicans have blocked on Senate Bill 481, which would eliminate tax breaks for companies that move jobs out of Wisconsin.
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