Americans for Tax Fairness warns that the bill gives most of the tax cuts to the richest 1%, makes 82 million middle-class families pay more in taxes, and endangers funding for public service

Amid mounting efforts to block the Republican Party’s latest attempts to cut taxes for the nation’s corporations and wealthiest families, a new report out Tuesday details 13 “terrible things” about the most recent GOP tax bill put forth in the U.S. Senate.

The analysis by Americans for Tax Fairness (ATF)—a campaign of more than 425 national, state, and local groups that advocate for progressive tax reform—is just latest in a series of warnings about the consequences of passing what’s being called the #GOPTaxScam.

The report warns that the proposed legislation:

1. Gives most of the tax cuts to the richest 1%. The share of tax cuts going to the richest 1% is 62% in 2027, up from 18% in 2019. Their tax cut will be $33,000 in 2027, on average. [Tax Policy Center (TPC)]
2. Gives 53% of the tax cuts to corporations and businesses. These tax cuts mostly benefit the wealthy. [Joint Committee on Taxation (JCT)]
3. Makes 82 million middle-class families pay more in taxes. Half of all households—94 million—would pay more in taxes in 10 years. Of those, 82 million are of low- or middle-income. Two-thirds of families earning $55,000 to $93,000 will see a tax increase. [TPC]
4. Pays for corporate tax cuts by taking healthcare away from working families and seniors.

• To raise revenue to pay for permanent corporate tax cuts, the plan repeals the requirement under the Affordable Care Act for individuals to have health coverage. This will lead to 13 million more people being uninsured and cause a 10% increase in health insurance premiums. [Congressional Budget Office (CBO)]

• The corporate tax rate is slashed from 35% to 20%, losing $1.3 trillion over 10 years That’s almost the $1.5 trillion cut the Republican budget proposes for Medicare ($473 billion) and Medicaid ($1 trillion). [JCT, Center on Budget and Policy Priorities (CBPP)]