New Analysis: Senate Republicans’ “Plan To Raise Taxes On Working Families And Slash Essential Programs Would Cost Jobs And Reduce Economic Growth”

Joint Economic Committee: “A federal minimum tax would hurt working families, seniors and active-duty service members and slow long-term economic growth.”

New analysis from the U.S. House Joint Economic Committee reveals that Senate Republicans’ agenda “would raise taxes on millions of families, cost jobs and stifle long-term economic growth” while “put[ting] programs like Social Security and Medicare in jeopardy.”

See key points from the report:

Joint Economic Committee: Senator Rick Scott’s Plan To Raise Taxes On Working Families And Slash Essential Programs Would Cost Jobs And Reduce Economic Growth
April 13, 2022

• A federal minimum tax would hurt working families, seniors and active-duty service members and slow long-term economic growth.  
  
  • The Scott plan to raise taxes on working families, seniors and active-duty military would impose financial pain and hardship on many Americans.
    
  • A new federal minimum income tax would raise taxes on almost 43% of individuals and families and would increase taxes by an average of $450 for middle-income households.
    
  • Raising taxes on millions of low-income families through a federal minimum income tax would increase income inequality and bring down long-term economic growth.

• Defunding state and local governments would take away jobs and hurt local economies across the country.
  
  • The Scott plan to end federal support to state and local governments would defund jobs for public school teachers, police and firefighters.
    
  • Eliminating federal funding for health programs such as CHIP and Medicaid would hurt families and impact health care jobs.

• Sunsetting federal programs would imperil Social Security, Medicare and veterans’ benefits, which would create uncertainty for families and cause economic chaos.
  
  • The Scott proposal to sunset all legislation every five years would create uncertainty for Americans who rely on Social Security, Medicare, Medicaid and veterans’ benefits.
    
  • Forcing Congress to reauthorize Social Security, Medicare, Medicaid and veterans’ benefits every five years would create economic chaos for millions of individuals and local economies.

• The Scott plan would raise taxes on millions of Americans and put programs like Social Security and Medicare in jeopardy.

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