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Roskam started this #TaxScam by promising a revenue neutral bill with significant benefit to Chicagoland, and a simplified tax code.
Let’s see where that got ushttps://dccc.org/three-promises-peter-roskam-already-broken-tax-plan/ …
The CBO reported that thanks to the #TaxScam the federal deficit jumped 20 percent in the first 10 months of the FY 2018.
That’s a massive credit card bill that will hang over our children for generations.
#TaxScam
http://thehill.com/policy/finance/400876-federal-deficit-jumps-20-percent-after-tax-cuts-spending-bill …
The IRS just released figures that shows taxpayers in #IL06 will suffer the worst blow in Illinois. Roskam’s #TaxScam capped SALT deductions forcing residents to pay more in taxes ranging from $11,780 more in McHenry County to $18,369 more in Lake Countyhttps://www.irs.gov/statistics/soi-tax-stats-county-data-2016 …
The #TaxScam may have shortened the tax form, but it also omits a variety of popular deductions, including those for student loan interest and teaching supplies, forcing taxpayers to search for them — and tally them up — on one of SIX extra worksheets.
https://www.nytimes.com/2018/06/25/your-money/1040-income-tax-postcard.html …
We would love to say #TaxScam over-promised and under-delivered but even that’s not true.
What it did do was cut taxes for corporations without creating growth and endanger our social safety net through reckless spending.
Instead of creating growth the #TaxScam triggered a $437 billion explosion of stock buybacks because corporations with all-time high cash reserves don’t start investing because of an unearned bonus. Roskam would know that if he had ever run a business
https://money.cnn.com/2018/07/10/investing/stock-buybacks-record-tax-cuts/index.html …
How are we supposed to pay for the #TaxScam? In the words of Roskam in a recent debate “debt questions are coming from automatic spending”
That means cuts to Medicare and Social Security to pay for corporate stock buybacks and CEO bonuses.https://castenforcongress.com/blog/2018/08/23/roskam-threatens-social-security-medicare/ …
Now, Roskam is back for #TaxScam 2.0 to add another $650 billion on the national credit card pushing us further into debt, risking our institutions, and making permanent the cap on SALT deductions forcing us to pay tax twice on the things we already own.https://castenforcongress.com/blog/2018/09/12/peter-roskam-signs-on-to-second-round-of-tax-hikes/ …
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