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suevatnick.bsky.social
@suevatnick.bsky.social
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Reposted
wyden.senate.gov
Republicans want to make it more expensive for people to get to work by raising taxes on parking passes and transit:
Eliminate Employer Paid Transportation Benefits $50 billion in 10-year savings VIABILITY: HIGH / MEDIUM / LOW Employer-provided transportation benefits (up to $315 per month), like transit passes and parking, are excluded from taxable income. This option would eliminate the tax exclusion for these benefits, generating $50 billion in savings over 10 years.
January 17, 2025 at 8:39 PM
Reposted
wyden.senate.gov
Republicans plan to tax scholarships! So much for lowering costs for families…
Eliminate Exclusion of Scholarship and Fellowship Income $54 billion in 10-year savings VIABILITY: HIGH / MEDIUM / LOW Qualified scholarships and fellowships are generally excluded from taxable income if used for tuition and related expenses. This option would make all scholarship and fellowship income taxable, increasing revenue by $54 billion over 10 years.
January 17, 2025 at 8:34 PM
Reposted
wyden.senate.gov
This is a $67 billion gift to ultra-wealthy tax cheats. Nothing unites Republicans like helping the ultra-wealthy get away with breaking the law and cheating on their taxes.
Repeal IRA’s IRS Enforcement Funding $46.6 billion in 10-year costs VIABILITY: HIGH / MEDIUM / LOW Over the FY25-FY34 period, that rescission is estimated to reduce outlays by $20 billion, reduce revenues by $66.6 billion, and as result increase the deficit by $46.6 billion. This estimate is relative to the 2024 baseline.
January 17, 2025 at 8:31 PM
Reposted
wyden.senate.gov
Republicans talk about inflation and the cost of living, but here’s their plan to massively increase the cost of home ownership by making mortgages more expensive:
Eliminate the Home Mortgage Interest Deduction About $1.0 trillion in 10-year savings relative to TCJA extension VIABILITY: HIGH / MEDIUM / LOW This option would fully repeal the deduction for mortgage interest on primary residences. This is a Tax Foundation score.
January 17, 2025 at 8:30 PM
Reposted
wyden.senate.gov
No kidding, they want to cut funding for clean air in classrooms:
Title VI Programs include ($4.64 billion): o Clean heavy-duty vehicles ($621 million) o Grants to reduce air pollution at ports ($1.8 billion) o Diesel emissions reductions ($20 million) o Funding to address air pollution ($40 million) o Funding to address air pollution at schools ($4 million) o Low emissions electricity program ($20 million) o EPA production declaration assistance ($44 million) o Methane emissions reduction grants ($698 million) o Climate pollution reduction grants ($2 million) o Low embodied carbon labeling for construction materials ($30 million) o Environmental and Climate Justice Block Grant ($1.4 billion)
January 17, 2025 at 8:29 PM
Reposted
wyden.senate.gov
The Child and Dependent Care Tax Credit is the largest tax cut for child care on the books today. It saves parents thousands of dollars per year. Republicans have plans to eliminate it.
Eliminate Credit for Child and Dependent Care $55 billion in 10-year savings VIABILITY: HIGH / MEDIUM / LOW Taxpayers can claim a credit for a portion of their child and dependent care expenses (up to $2,100). This option would remove the child and dependent care credit, yielding $55 billion in savings over 10 years.
January 17, 2025 at 8:20 PM
Reposted
wyden.senate.gov
Trump lies all the time about who will pay his tariffs. It’s a $2 trillion tax hike on consumer goods, and Americans will be the ones who pay for it. A devastating increase in the cost of living for working families and a huge hike in operating costs for small businesses.
10 Percent Tariff $1.9 trillion in 10-year savings VIABILITY: HIGH / MEDIUM / LOW This option would create a 10% across the board tariff on all imports.
January 17, 2025 at 8:17 PM
Reposted
wyden.senate.gov
They want to repeal the IRA’s energy tax credits, which are what lowers carbon emissions and invests in clean energy. At a time when energy production in America is booming and clean energy is taking off, Republicans want to surrender the clean energy industry to China and raise your energy bills.
Repeal Green Energy Tax Credits Up to $796 billion in 10-year savings VIABILITY: HIGH / MEDIUM / LOW This option would repeal credits created and expanded under the Inflation Reduction Act. These credits are related to clean vehicles, clean energy, efficient building and home energy, carbon sequestration, sustainable aviation fuels, environmental justice, biofuel, and more. The full cost of the IRA provisions is about $329 billion, which becomes about $800 billion when paired with the tailpipe emission rule designed to dramatically increase the uptake of EVs and EV credit use. Based on political will, there are several smaller reform options available (starting as low as $3 billion) that would repeal a smaller portion of these credits.
January 17, 2025 at 8:07 PM
Reposted
wyden.senate.gov
Somebody’s gotta pay for all those corporate tax breaks. Republicans want to begin with a $192 billion tax increase on single parents:
Eliminate Head of Household Filing Status $192 billion in 10-year savings VIABILITY: HIGH / MEDIUM / LOW The Head of Household filing status provides a larger standard deduction for unmarried individuals who have children. This option would eliminate the Head of Household filing status.
January 17, 2025 at 8:01 PM
Reposted
wyden.senate.gov
To start things off, corporations got a huge tax break from Trump and Republicans in 2017. Now Republicans want to give them another handout at a cost of $522 billion:
Lower the Corporate Rate to 15 Percent $522 billion in 10-year costs VIABILITY: HIGH / MEDIUM / LOW TCJA permanently lowered the corporate income tax rate from a globally uncompetitive 35 percent to 21 percent. This option would further lower the corporate rate to 15 percent.
January 17, 2025 at 7:58 PM