Peter Roskam Co-Sponsored Trump Tax Bill that raises taxes on average Americans over time
Date: March 3, 2018Author: roskamadmin
According to most tax experts, the Trump tax cuts co-sponsored by Congressman Peter J Roskam will actually cost most Americans more over time while the rich get permanent tax breaks!
While the average American will see a $984 annual drop in federal taxes or about $18.92 per week, the 1 Percenters will garner over $50,000 in tax cuts per year which equates to almost $1000 per week.
Unlike the corporate rate cuts which will be permanent, the 3% individual tax rate cuts are scheduled to expire within eight years. According the Tax Policy Center, in 10 years half of all American taxpayers will actually be paying more under the Republican bill than they are now.
While the bill increases the standard deduction, It eliminates personal exemptions and most itemized deductions. The Act limits the deduction on mortgage interest and alimony is no longer deductible. Under current rules, taxpayers are allowed to deduct their state and local taxes. Under the new tax bill, this deduction will be limited to $10,000.
This tax cut that heavily benefits large businesses and the 1% er’s is projected to raise the national debt by between $1 trillion and $2.2 trillion over 10 years. No offsetting spending cuts were included in the bill. In fact, the 2018 federal budget increases spending by almost $1 Trillion this year alone which is also supported by the committee Congressman Roskam chairs.
Taxpayers should also remember that there were no public hearings, no congressional committee hearings and this tax bill was passed in the dead of night with limited debate or discussion and with less than 48 hours notice. The CBO was not even allowed to completely evaluate this bill before passage.