Republicans Vote in Favor of Fiscal Insanity

LITTLE ROCK – Republicans yet again put millionaires, billionaires, and giant corporations over American families. The final Republican tax bill provides even bigger tax breaks to the very wealthiest, at the expense of children and the middle-class in Arkansas.

“The reason we keep calling this tax bill a scam is because Republicans are telling us their bill will benefit hardworking Americans, when really it’s a government handout to big corporations and special interests,” Chairman Michael John Gray said. “Corporations will get the tax cuts, and we’re asking our children to pay for them. What the GOP is doing is worse than fiscal irresponsibility — it’s fiscal insanity. Republicans in Congress believe if we give these big corporations more money, it will trickle down to the working class, which is simply a myth that has been proven untrue time and time again.”

Here are just a few of the ways Republicans are hurting Arkansas families:

• Republicans are putting health insurance out of reach for 13 million more Americans: by repealing the individual mandate, Republicans will force double-digit increases to premiums, hurting millions of families across the country – no less so here in Arkansas.
• Instead of reauthorizing CHIP, which provides health care for Arkansas kids, the GOP has prioritized cutting the estate tax for the richest twenty Arkansans.
• Millions of Americans will see permanent tax hikes to pay for permanent tax cuts for wealthy corporations. Families will be bumped into higher tax brackets more quickly, their Earned Income Tax Credit and Child Tax Credits will be smaller every year, and all tax benefits for families in the bill quickly expire.
• The changes Republicans made to the Child Tax Credit will do nothing for children from low-income and minimum wage working families – including 119,000 Arkansas children – who will still only get $75 at most. Meanwhile, wealthy families will receive the full benefit.
• With all of its tax cuts for billionaires and wealthy corporations, the Republican tax bill will cause the deficit to immediately skyrocket and add nearly $1.5 trillion to it over the next decade. Republicans will use this unfortunate fact as an excuse to cut Medicaid, Medicare, education, food stamps, and other critical programs families with children rely on.
• The Republican tax scam will kill jobs by giving giant corporations an even bigger incentive to move jobs and profits overseas, putting small businesses on Main Street at an even bigger disadvantage.
• Cities and towns may be forced to cut investments in schools, drug treatment centers, police forces, and other state and local services thanks to the Republican tax scam.
• The last-minute deals Republicans struck at the urging of special interest lobbyists behind closed doors include giant new loopholes for millionaire real estate developers like Donald Trump — but little to no tax relief for middle-class families.