In his comments on the Senate Tax Bill (portman.senate.gov), Sen. Rob Portman asked us to check his facts against the report of the Congressional Joint Committee on Taxation (JCT.gov). So I did.
Sen. Portman tells only half the story.
Yes, JCT predicts the economy grows 0.percent/year in the next decade. The problem? Tax cuts for most individuals expire after 2025.
By 2027, according to the JCT and the Congressional Budget Office, people making between $40,000 to $50,000 per year — the median Ohio income — will pay $5.3 billion MORE in taxes.
Millionaires will pay $5.8 billion less.
Even if Senator Portman is correct that median earners will see $2,400 in tax savings (some economists disagree), ordinary people may see higher premiums for ACA health insurance plans as bill repeals the individual mandate. Nor will the middle class cuts even begin to pay for the reductions in Medicare and Medicaid called for in the Republican budget.
Did I mention the deficit? The tax plan gives $1 trillion in additional debt to our children and grandchildren, according to the JCT.
The JCT recommends that families save in the next few years—because the tax breaks are going away. Don’t believe me? See page 6.
Call Sen. Portman at (202) 224-3353 and ask him not to support tax cuts that do not benefit the middle class in the long run.
Lisa Robeson, Bluffton
