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Budget Cmte is diving into the Trump/GOP #TaxReform plan today & what we’ve seen is bad news for Virginia families…some of my big concerns:
1/ Tax cuts are for the wealthy at the expense of the middle class. 80% of the benefits could go to the top 1%.
2/ We were promised a “middle class miracle.” But from limited details they’ll share, looks like many in middle class could see increases.
3/ Gets rid of the state and local deductions that families across Virginia rely on. Average SALT deduction for a VA household is $11,288.
4/ $1 trillion cut to Medicaid & $470+ billion cut to Medicare – programs that provide critical coverage to families, kids & seniors in VA.
5/ Blows up the debt. Allows these tax cuts to increase deficit $1.5 trillion.
6/ Lowers the tax rate for the top earners only to raise the tax rate for lowest earners.
I’d support a #TaxReform plan that helps hardworking families & businesses compete. I hope GOP will change course & work with us on one.
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