Loss of deductions and undercutting Affordable Care Act could eliminate savings for many middle class and low-income families and individuals
By Miriam Raftery
December 4, 2017 (Washington D.C.) --By a narrow 51 to 49 vote, the Senate has approved a sweeping tax overhaul bill that marks the first significant legislative victory for President Donald Trump. The Tax Cut and Jobs Act is broad, providing major long-term cuts for corporations and wealthy individuals plus short-term tax cuts for millions of other Americans.
But many of the savings for ordinary Americans will be negated, since the bill also takes away numerous tax deductions and eliminates a key provision of the Affordable Healthcare Act Act, meaning premiums will rise and many will lose healthcare, the Washington Post, Forbes and New York Times report.
A Washington Post analysis finds that 62 percent of Americans will get a tax cut of at least $100 in 2019, but 38 percent will get no tax cuts. Less than half (44 percent) would have cuts of $500 or more—and most of those are wealthy, not middle class or low income families. By 2027, only 16 percent of individuals will still have tax cuts; 84 percent of Americans will have none. But the cuts for corporations are permanent.