RELEASE: NEW REPORT DOCUMENTS IMPACT OF TRUMP TAX BILL ON FLORIDIANS
NEW REPORT DOCUMENTS IMPACT OF TRUMP TAX BILL ON FLORIDIANS
Bottom 60% of Floridians Only Receive 9% of Tax Benefits
Number Drops to ZERO If Tax Bill Is Extended
WEST PALM BEACH — A new report by the Institute on Taxation and Economic Policy (ITEP) documents the impact of the #TrumpTax Bill on Floridians, and shows that the bottom 60% receive only 9% of the benefits. Shockingly, that number drops to zero percent if the tax bill is extended through 2026, as some in Congress are calling for. Floridians For a Fair Shake, advocating for an economy that works for everyone and affordable health care for all, is disturbed by the inequities embedded in the #TrumpTax bill.
“There’s no other way to say it, especially now that the numbers confirm it: the #TrumpTax bill is a giveaway to the wealthiest Floridians at the expense of the neediest and the middle class,” said Maria Torres-Lopez, a spokesperson with Floridians For a Fair Shake. “The instability coming from Congress and the administration, coupled with the frightening projections of the tax bill, highlight an economic reality that is troubling for a majority of Floridians.”
Floridians For a Fair Shake is a multi-pronged campaign working in Florida’s 18th Congressional District to educate and inform constituents about Congressman Brian Mast’s votes on health care and taxes. Florida ranks 48th in health care coverage, and yet Mast’s votes would have cost nearly 75,000 of his own constituents their health coverage. In addition, Mast supported the administration’s deficit-exploding #TrumpTax bill that benefits the wealthiest one percent, not the constituents in CD-18.
Officially called the Tax Cuts and Jobs Act (TCJA), the #TrumpTax bill was passed in December 2017 and provides most of its benefits to high-income households, rich corporations and foreign investors. Middle- and low-income Floridians will see tax cuts benefiting them expire in 2025, yet some provisions raising their taxes are permanent. While some in Congress want to extend the temporary tax provisions, the majority of the benefits would still accrue to the wealthiest.
Average Floridian households see no benefits from this bill. Additionally, the #TrumpTax bill repealed the health insurance mandate that was a cornerstone of the Affordable Care Act (ACA). As a result, more Floridians are paying higher taxes when they go without health insurance, because they no longer collect the tax credits that help them pay premiums under the ACA.
The full report from ITEP can be found here.
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