U.S. Sen. Tammy Baldwin
Op Ed

Tax Reform Should Put Families First

Republican bill cuts taxes for wealthy, corporations, hikes them for many families.

By - Nov 29th, 2017 02:01 pm
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Cash. Photo by Moritz Wickendorf.

Cash. Photo by Moritz Wickendorf.

This week, the U.S. Senate is set to vote on the Republican tax plan. Yet again, Washington is consumed by a debate that is driven by powerful special interests, not the concerns of hardworking middle-class families.

I believe we need to make our tax system simpler and fairer. That’s what I’ve been working for, and that’s why I will be taking a stand against this partisan tax plan this week.

Overall, the Senate Republicans’ plan is largely a tax giveaway to the wealthiest few and big corporations, while millions of middle-class families would get a tax hike.

In fact, most Americans earning less than $75,000 a year would see tax increases.

Big corporate political donors and powerful special interests have thrown their weight and influence behind this legislation, and they are being gifted a tax plan that benefits them, while the middle class foots the bill.

That’s not right and that’s not fair.

If you look at this partisan plan, a clear theme emerges: Tax breaks for those at the top, at the expense of hardworking middle-class families.

Big corporations would get permanent tax breaks, while middle-class families will see tax increases. Half of American taxpayers will see a tax hike by 2027, according to the nonpartisan Tax Policy Center.

And not only does this plan give the top 1% their tax breaks, they want to pay for that massive gift with 13 million more Americans uninsured and a 10% spike in health care premiums. Earlier this year, Wisconsinites spoke out and sent a very clear message to Washington that Congress should not take people’s health care away and increase costs. Including a health care repeal in this tax plan is wrong and it will hurt Wisconsin.

On top of all of that, big corporations can still deduct their state and local taxes, but that deduction is completely eliminated for individual taxpayers. Nearly 1-in-3 Wisconsin taxpayers will lose their personal income, sales and property tax deductions, which average over $11,500. Nearly $10 billion of Wisconsinites’ paychecks would be subject to a double tax.

By hiking taxes on working families, increasing health care costs and eliminating an important deduction for middle-class households, this partisan plan sets Wisconsin up to lose. There are real consequences for the lives, and bottom lines, of Wisconsinites who work hard to make ends meet. Every tax hike and eliminated deduction is money that a Wisconsin family could have used to pay down their mortgage or buy school supplies or cover health care costs. That can’t be lost in this debate.

In addition to giving the top 1% new tax breaks, this tax plan also protects the carried interest tax loophole that favors Wall Street hedge funds. It’s simply unfair for Wisconsin workers to pay a higher income tax rate than a millionaire on Wall Street. President Donald Trump pledged to close this loophole, yet Senate Republicans kept it in place. I want to see loopholes closed, so I have been leading the fight by introducing legislation to close the carried interest tax loophole.

There are more ways we can make tax reform work for Wisconsin families and small businesses, too.

Tax reform should put Wisconsin first, so I’ve introduced legislation that makes the tax system simpler and fairer for Wisconsinites.

My Stronger Way Act would reward hard work, raise incomes and help working families keep more of what they earn by strengthening the Earned Income Tax Credit and Child Tax Credit.

Wisconsin small businesses and manufacturers also need tax reforms targeted at them, not powerful corporations and money managers. I’ve proposed improving the current R&D tax credit to make it more accessible for small and medium businesses, especially manufacturers. This would provide tax relief to manufacturers so they can invest in research and development, create jobs and help drive economic growth.

I’ve also introduced legislation to provide tax relief to start-ups, so we can free up investments to create jobs. My bill would make it easier for entrepreneurs to start new small businesses right here in Wisconsin.

These are real tax reforms that will make our tax system simpler and fairer. That is what Washington should be working toward this week.

We need tax reform that puts Wisconsin’s middle-class families first. Those hardworking families are who I will be thinking about as I fight against this partisan tax proposal in front of the Senate.

Tammy Baldwin is a Democratic U.S. Senator from Wisconsin.

Categories: Op-Ed, Politics

8 thoughts on “Op Ed: Tax Reform Should Put Families First”

  1. Terry says:

    The Republican tax plan IS putting families first…Rich multi-billionaire families! Don’t like it?
    Dump Trump! Dump Walker!

  2. It’s all about taxes and taxes. When the state takes and doesn’t give anything back for nothing!

  3. MKE4LIFE says:

    So while Tammy wants to keep spending we should just tax the rich? They all left and hid their money under Obama, because they were sick of being overtaxed, and what happened? Unemployment went up, and economy tanked. Trump takes over and the rich are throwing all their money back into the market where they support big industries and small industries, and all that money gets taxed, keeping the government aloft, and would you believe it? Unemployment has plummeted, and the economy hasn’t grown this much since Reagan.
    So go ahead Tammy vote against this plan that will help ALL Americans, and we will happily vote against you in just a few months!!!

  4. MKE4LIFE says:

    Tammy, how would you like to provide tax breaks to the bottom 50% who barely pay taxes as it is?!
    Or would you prefer to give them all big giant checks for thousands of dollars? Do you know what the bottom 50% would do with thousands of dollars? Payoff debt that your democratic slave masters enabled them to acquire!!! Guess how much the economy would grow under debt collection? I’ll give you a hint, it corresponds directly to how much of that big check would end up in the marketplace, successfully growing wealth for the bottom 50%, ZERO.
    When the rich get more money, they put it back into the market, where it gets used to grow companies, and create jobs, and help people, and families. AND it grows the rich peoples’ wealth, and that’s okay. We can all win, when we all play fair together. But when the government steps in, and takes from some who earned it, and gives to those who didn’t, we all lose.

  5. MKE4LIFE says:

    I am enjoying listening to Tammy blame big wealthy fat cats, as she is worried about uninsured Americans. It’s cute how she thinks the insurance companies are guardian angels and not evil demons who steal from every American every day. Causing healthcare costs to rise and become more and more unaffordable. But the Apples, Googles, Walmarts, and Amazons, are the evil ones?! HA! They practically employ half the country, but screw those guys, lets let the big companies fail because they are too big. And watch thousands or millions lose work. Isn’t that what Tammy really wants? Everyone working for the government? Giving her the ultimate power! Thanks Stalin, but I ain’t fallin for that!!!

  6. MKE4LIFE says:

    What hard working family is Tammy referring too? She is single, without family? More interested in the Hollywood destruction of the nuclear family, and nihilism that accompanies most democrats. Self-centered, self-absorbed, incapable of caring for others, yet she decries how awful this will be for families, what a hypocrite!

  7. MKE4LIFE says:

    If Tammy cared about Wisconsonites being burdened by these tax reforms, let her lead Wisconsinites to reform our own income and property tax, rather than attack the rest of the nation with old poor democratic policies from before Walker.

  8. Eric S says:

    MKE4LIFE, might want to re-check the timeline of when the economy crashed (in 2008, not 2009), and when unemployment started falling (well before 2017), and when the stock market started surging upward after the recession (again, well before 2017).

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