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New Mexico Voices: Congressional tax plan is welfare for billionaires at our expense
Join us and rally for fair tax reform for small businesses and the middle class.
The Rally to Stop the House Tax Plan happens from 11 a.m. to 1 p.m. Saturday outside the Farmington Museum at Gateway Park. It is sponsored by Indivisible San Juan.
Why do we need to stop the tax bill?
Indivisible San Juan, a local community advocacy organization, is organizing a rally to oppose the congressional tax plan because it is essentially a huge tax giveaway to wealthy corporations (corporate taxes are lowered from 35 to 20 percent), super-rich individuals (ends the estate tax) and leaves many middle-class families with higher taxes (eliminates deductions for medical bills, local taxes, and student loans).
Who really needs tax relief?
Middle-class families are struggling to make ends meet, and desperately need some kind of financial relief. A large car repair bill, or a costly medical procedure can be enough to put a local family at risk.
Truth about huge profits for corporations
Using statistics from 2016, Apple recorded profits of $45.7 billion, JP Morgan $24.7 billion, Johnson and Johnson $16.5 billion and Google $19.5 billion. Last year, the CEO of Walmart, Doug McMillon, earned $22.4 million in compensation, while many of the company's own workers were paid $9 an hour. Loopholes allow many of these corporations to pay a lower tax rate than the average resident of Farmington.
The lie about lower corporate taxes creating jobs
Corporate earnings discredit the argument that businesses will create many more jobs and increase salaries if taxes were decreased. Corporations are already earning huge profits and obviously are not using the money to help the average worker.
The lie about repealing the estate tax
Repealing the estate tax will not help local farmers and citizens — just incredibly wealthy individuals. Currently, nobody pays taxes on their estate unless they have holdings of more than $10.8 million (married couple).
The consequences for the country
This tax bill will increase the deficit $1.5 trillion, according to Congress. That is not conservative monetary policy, but recklessness. The National Association of Home Builders, the National Association of Realtors and the National Federation of Independent Business all oppose the bill.
What small business and elderly advocates are saying
The National Association of Home Builders warned the bill would “harm home values, act as a tax on existing homeowners, and force many younger, aspiring home buyers out of the market.”
The National Federation of Independent Business said, “Small business is the engine of the economy … This bill leaves too many small businesses behind.”
AARP critiqued, "For people who are sick, many of whom are going to be older Americans, this medical expense deduction makes their health care more affordable. To them, it is a very big deal."
What we need you to do
Democrats, independents, and Republicans, join us Saturday to protest a shameful tax plan that gives colossal tax savings to billionaires at our expense.
We all want fair tax reform to help the people who need it the most!
Steve Clarke is a resident of Farmington.