I am wondering what the tax plan will do to us all.
The Congressional Budget Office (CBO) says if we lose the mandate for insurance, premiums will rise and 4 million will lose coverage by 2019 and 9 million more by 2027.
People who make less than $30,000 will begin hurting by 2019. In fact, according to the Tax Policy Center (as quoted by CNBC’s The Hardwood File on Nov. 27) it will have raised taxes for half of Americans and two-thirds of the middle class by 2027. You know who would have fewer taxes? The top 1 percent. They would see a reduction by 61.8 percent.
This isn’t the only problem we could be seeing. Columbia graduate student Amanda Rose’s post was recently shared by “March for Science’s” Facebook page. Here is her situation:
“I receive a stipend of $38,352 a year, which compensates for my work done in research labs at the university. At approximately 60 hours of work a week (outside of time spent in class), this works out to be $12.29/hour. This stipend is unusually generous, even for a university in New York City, and I am grateful for this income. However, tuition and health insurance at Columbia University totals at over $51,000 per year. Under the TCJA, I will be taxed as if I bring home $89,352 a year.”
Her post showed her calculations based on the tax plan to count tuition and health insurance waivers as taxable income. She calculated that her current taxes would be $3,242, but if the plan passes, her taxes would be a whopping $12,048.
She calculates that would leave her with about $5,000 to cover living expenses.
Actions like this threaten our ability to invite and promote bright minds within our country and around the world.
For us closer to home, this means that if you were to go to Ogeechee Tech, Southeastern Tech, Georgia Southern, Brewton Parker, or East Georgia, you could be facing humongous tax hikes as a student. This could mean fewer teachers, nurses, lawyers, etc.
The Senate Plan might be different, but there needs to be a guarantee that this won’t happen in the finished product.
Speaking of education, during an exchange recorded on C-SPAN between Rep. Suzan Delbene, D-Wash., and Thomas Barthold, Chief of Staff for the joint Committee on Taxation, it came out that corporations will be able to deduct supplies such as pens and paper, deduct sales taxes, and be able to deduct moving expenses if they were to move to another location— including a foreign one!
Meanwhile, home owners won’t be able to deduct more than $10,000 on property taxes, teachers won’t be able to deduct supplies for their classrooms, workers can’t deduct moving expenses, and no one will be able to deduct state and local taxes.
Unless this is corrected, we could be in trouble.
Of course, Rep. Rick Allen voted for all of this.
All of this disturbs me, and I pray that we pressure and ensure that our representatives in Washington correct their mistakes in this plan.