The Coalition for a Better Illinois 6th organized the Peter Roskam Roasts the Middle Class protest in Downers Grove last Thursday. Hundreds of concerned citizens and taxpayers voiced their opposition to HR1, a wildly regressive tax plan that burdens the poor and the middle class while enriching the 1% and corporations.
The Tax Cuts and Jobs Act, which the House Ways and Means Committee is promoting as tax relief for the middle class, is nothing but payback by Republicans like Roskam to their corporate donors. They claim it will produce growth through ¨trickle down¨ economics, which has been debunked over and over. Its failure to produce growth and jobs was most recently proven in Kansas, where taxes have since been raised due to lost revenue. When corporations are gifted with tax cuts they do not invest in expansion or hire new employees. They give CEOs extravagant compensation, they buy back stock, they pay down debt, and generally benefit themselves and their board members. They do not act to benefit their employees or their consumers.
This tax plan will hurt students, veterans, seniors, the disabled, and everyone but the super wealthy who don’t need or depend on social programs such as Medicare, Medicaid, Social Security, PELL grants, the ACA, and even cancer research. Medicare will almost instantly be reduced by 25 billion dollars and will be an even greater target once the deficit explodes as it certainly will with the massive loss of revenue expected under this tax plan.
Taxpayers will lose the state and local tax deductions, which is especially important in Illinois. To preserve this deduction, some Republicans voted against this bill, but not a single Illinois Republican opposed this tax plan, displaying their allegiance to their corporate masters. The Illinois Republican delegation has betrayed their constituents.
Submitted by Nancy Turner, chair of the Economics committee