CHN: Tax Cut Bill Signed into Law
President Trump signed the GOP tax cut bill into law on Dec. 22 after the bill passed both the House (224-201) and Senate (51-48) earlier that week. The bill gives huge tax cuts to the wealthy and corporations, repeals the Affordable Care Act’s individual mandate, raises taxes on those making under $75,000 by 2027, and adds more than $1 trillion to the national debt. CHN’s Executive Director Deborah Weinstein said in a statement, “We at the Coalition on Human Needs oppose this legislation because it squanders trillions of dollars in revenue needed for services and investments in our future by handing unwarranted tax cuts to wealthy individuals and corporations. Far from helping the middle class, this tax giveaway will harm low-and middle-income people by raising taxes on millions of people and by diminishing the services they need.”
A number of CHN member organizations have released multiple resources covering the GOP tax cut bill, including the Center on Budget and Policy Priorities, Institute on Taxation and Economic Policy, Americans for Tax Fairness, and the Tax Policy Center. The New York Times also has a chart showing how various parts how of the tax code will change compared to current law. For more history on the tax cut bill, see the December 11 Human Needs Report.