New Tax Research Reveals That Working Families in Colorado Are Negatively Impacted by the TrumpTax
FOR IMMEDIATE RELEASE:
Wednesday, April 11, 2018
Grand Junction, Colorado— Donald Trump and Congressional Republicans passed a tax bill that overwhelmingly benefitted wealthy shareholders and corporations at the expense of middle-class families. According to the Congressional Budget Office, the GOP tax bill is projected to add $1.9 trillion to the national debtbetween 2018 and 2028.
After giving tax breaks that lined the pockets of the wealthy, Republicans now want to gut Social Security, Medicare and Medicaid– programs that hardworking Coloradans depend on. Here’s now Colorado families will be impacted, according to a new report from the Institute on Taxation and Economic Policy:
● Under the TrumpTax, the bottom 60 percent of Coloradans will only receive 14 percent of the tax benefits. This number would not change if the extensions are implemented.
● Under the current TrumpTax, 6 percent of the bottom 60 percent of Coloradans will receive a tax hike. This number would rise to 7 percent if the extensions are implemented.
Congressman Tipton should explain why he voted cut taxes for the wealthiest individuals and corporations, while Colorado families wait for the wage increases and jobs that have not materialized under the TrumpTax.
The full report can be accessed here.
Discussing the impacts of this tax bill for Coloradans, Brooke Baxa with the Colorado United for Families campaign said, “I’m worried about the reduction in critical programs like Medicaid as a result of this tax bill. Congressman Tipton needs to come back to the district and host an in-person town hall to address these concerns.”
Colorado United for Families is a multi-issue advocacy organization that uses grassroots mobilization and paid advertising to hold elected leaders accountable in Colorado. Our coalition educates Coloradans on key issues to ensure our communities know how their representative voted on important issues.