New Analysis: Senate Republicans’ Tax Hike Plan Would Cost Working Families Thousands

New analysis from the House Ways and Means Committee reveals that Senate Republicans’ plan to raise taxes on over half of all Americans “would cost working families thousands.”

Key points from the committee’s report:

• Consider Linda, a single mother working part-time at a meatpacking plant to support her two young children. Linda makes $19,520 and qualifies for the Earned Income Tax Credit (EITC) and Child Tax Credit (CTC). Minimum tax hike under the GOP plan: $13,109;
  
  
• Bill is a senior who supplements his $19,896 Social Security benefit with $10,000 he makes by working part-time as a grocery store cashier. Bill qualifies for the EITC. Minimum tax hike under the GOP plan: $1,503;
  
  
• Carlos is a cook at a small restaurant, and Jane works part-time as a home health aide while caring for their four-year-old daughter. Their household income is $40,000 and they receive the EITC and CTC . They purchase their health coverage on their state exchange, and the Premium Tax Credit covers a portion of that cost. Minimum tax hike under the GOP plan: $11,287.
  

The report comes after the Tax Policy Center found that Senate Republicans’ “plan could raise taxes by $100 billion in 2022” – with 80 percent of the tax increase coming out of the pockets of households making $54,000 or less.

Democratic Senatorial Campaign Committee spokesperson David Bergstein: “While Senate Democrats are fighting to lower costs and cut taxes, Senate GOP candidates have found their midterm bumper sticker: raising taxes on Americans, including seniors and working families. These reports are further proof that if Republicans win the Senate, American families will pay the price.”

See the DSCC’s Fact Sheet on Senate Republicans’ tax hike agenda.

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