The 2017 Tax Bill – Information as of November 27

Senate tax cut goes  to  top 5 % household earners 1rst year – paygo cuts medicare-caid – adds 1.5 trillion deficit
Nearly 50 percent of the benefits of the Senate tax cut would go to the top 5 percent of household earners in the first year of the law. If Paygo is not waived…automatic cuts to programs like Medicare and farm subsidies. Adds$1.5 trillion to the federal deficit over 10 years.
Please call these Senators and reach out to friends in their states to call their Senators to VOTE NO on the Tax Bill
You may phone the United States Capitol switchboard at (202) 224-3121  
A switchboard operator will connect you directly with the Senate office you request  
The Senate could vote on its tax overhaul as soon as this week. But first, Senate leaders need to win over a small number of Republican senators, and they cannot afford to lose more than two of those lawmakers for the bill to pass, assuming Democrats are unified in opposition.
Below are Republican senators who oppose or have expressed concerns about the current bill:

Increased Deficits

The national debt has now topped $20 trillion, and several Republican senators have expressed concerns about more debt piling up as a result of the tax overhaul. The tax legislation approved by the Senate Finance Committee would increase federal deficits by $1.4 trillion over a decade.
Portrait: Bob Corker
Bob Corker Tennessee
“There are several of us that are trying to figure out a way to make sure this doesn’t hurt us relative to deficits.” »
Portrait: Jeff Flake
Jeff Flake Arizona
“My concern is that it’s really tax reform and not just tax cuts.” »
Portrait: James Lankford
James Lankford Oklahoma
“We can’t ignore the debt and deficit issues.” »
Portrait: Jerry Moran
Jerry Moran Kansas
“We don’t want to increase the debt and deficit as a result of tax cuts.” »

Repeal of the Individual Mandate

Senate Republicans took a risk by injecting the difficult politics of health care into the tax debate. Their tax bill would end the Affordable Care Act’s requirement that most people have health coverage or pay a penalty, a provision known as the individual mandate.
Portrait: Susan Collins
Susan Collins Maine
“If you do pull this piece of the Affordable Care Act out, for some middle-income families, the increased premium is going to cancel out the tax cut that they would get.” »

Taxes on Small Businesses and
Other Pass-Through Entities

One part of the legislation that could change is how it would treat small businesses and other so-called pass-through entities, whose owners are taxed on profits through the individual tax code. Senator Ron Johnson, Republican of Wisconsin, came out against the tax rewrite this month, citing concerns about how these businesses would fare.
Portrait: Ron Johnson
Ron Johnson Wisconsin
“Unfortunately, neither the House nor Senate bill provide fair treatment, so I do not support either in their current versions.” »
Portrait: Steve Daines
Steve DainesMontana
“I want to see changes to the tax cut bill that ensure Main Street businesses are not put at a competitive disadvantage against large corporations.” »
The final tax bill will not be entirely about taxes. The Senate’s tax plan is being merged with legislation that would open the Arctic National Wildlife Refuge in Alaska to oil and gas drilling. Having the drilling legislation as part of the overall bill could help secure the vote of a closely watched Republican senator, Lisa Murkowski of Alaska, a proponent of drilling.
The Senate tax bill is proceeding at reckless speed to be passed this week by Republican party line dominance. Here are the reasons Peace House asks you to call your Senator and say no to this bill and its reckless speed. Please send this information especially to Republican friends who may simply trust this bill because of it being a Republican written one. We are not criticizing or suggesting which party you should be supporting – we are asking you to know the content of the tax bill and decide for yourself if it concerns you and to act if it does.
Here is the information we found with excellent sources:
Last week, House Minority Whip Steny Hoyer (D-MD) shared a letter from Keith Hall, Director of the Congressional Budget Office, revealing that the GOP tax reform bill will trigger automatic cuts to a host of programs due to the Pay-As-You-Go (PAYGO) Act. PAYGO was most recently passed in 2010 as a fiscal responsibility measure. If a bill passed by Congress is predicted to add to the deficit, equivalent cuts to a pre-set list of programs are triggered automatically to offset the new deficit.
For a bill like the Tax Cuts and Jobs Act, which is predicted to add $1.5 trillion to the deficit over the next 10 years, the Office of Management and Budget is required to issue a sequestration order to pay for the overage. The list of programs subject to sequestration is long and includes federal student loan programs and agriculture subsidies. But a major sticking point for Congressional Republicans is the fact that the passage of their tax reform bill will trigger automatic cuts to Medicare, to the tune of $25 billion in 2018 and 4% of the total Medicare budget for each year until the end of the 10-year window in 2027.  https://www.dailykos.com/stories/2017/11/21/1717739/-Senator-Portman-reveals-GOP-plan-to-cut-taxes-for-the-wealthy-and-pin-the-costs-on-Democrats
The Senate tax bill would lower the corporate tax rate to 20% from 35%, repeal the alternative minimum tax, shrink the estate tax and lower individual rates. The individual tax cuts would expire after 2025, while the corporate tax cuts would remain in place, leaving about half of households worse off by 2027 than if Congress did nothing.
https://www.wsj.com/livecoverage/tax-bill-2017 Rebecca Ballhaus is a reporter in The Wall Street Journal’s Washington, D.C. bureau, where she covers the White Houseand money in politics. During the 2016 election, she covered campaign finance in the presidential race. She first joined the Journal in 2013 and is a graduate of Brown University. https://www.wsj.com/news/author/7537
Summary:
President Donald Trump says he doesn’t want to cut taxes on the rich. His Treasury Secretary Steven Mnuchin said he doesn’t want to cut taxes on the rich. The Democratic Party says they don’t want to cut taxes on the rich. Americans say they don’t want to cut taxes on the rich.
The House and Senate Republican tax bills are taking a different approach: They are cutting taxes on the rich-significantly. Their plans would slash the corporate tax rate by almost half, cut taxes on pass-through income for smaller businesses, eliminate the Alternate Minimum Tax, and erode the estate tax, all of which disproportionately help rich families. This comes at a time when post-tax corporate profits as a share of GDP have hovered at a record-high level for the last seven years, and the top 1 percent’s share of total income is higher than any time in the second half of the 20th century.
Nearly 50 percent of the benefits of the Senate tax cut would go to the top 5 percent of household earners in the first year of the law, according to the Tax Policy Center. By 2027, 98 percent of multimillionaires would still get a tax cut, compared to just 27 percent of households making less than $75,000. It’s no wonder then that the GOP tax bills are now among the least popular pieces of major legislation in modern history, with the public rejecting it by a two-to-one margin. Other than Republicans, all party, gender, education, age and racial groups disapprove of the bill.https://www.theatlantic.com/business/archive/2017/11/gop-tax-bill-unpopular/546668/
The Senate Republicans’ budget proposal reduces projected spending levels for Medicare and Medicaid by hundreds of billions of dollars over 10 years.http://www.politifact.com/truth-o-meter/statements/2017/oct/06/charles-schumer/are-republicans-paying-tax-cuts-reductions-medicar/