We have almost lost the fight.
The tax bill that passed the Senate has a lot of problems. As the grossly under qualified nephew of a tax lawyer, I will attempt to unpack exactly what is going in the plan. This list even includes things that might not sound like taxes, but got snuck into the bill nonetheless.
It grants fetuses personhood, it does this by allowing fetuses to be claimed as dependents of beneficiaries. This matters because it doesn’t expressly overturn or challenge Roe v. Wade, but it gives it ground to challenge.
It’s great for anyone that owns a corporation. Previously, the top marginal income tax rate for corporations was approximately 35%, and now it will be lowered to about 20%. It's worth noting most of the businesses that the president owns are formed as corporations.
If you’re below the poverty line, it currently looks like you will have to pay more in taxes at least for the next ten years.
The bill does contain a tax break for owning a private jet, yet also removes tax breaks for having student loans.
You are no longer required to buy healthcare under Obamacare.
Green Mountain students won't like this; the tax plan allows for drilling in the Alaska Arctic National Wildlife Refuge, which opens the door for abuse of national parks.
Colleges will have a harder time in general. The “harvard tax” might go into effect, in which private colleges that have endowments over $500,000 per student would have to pay a 1.4 percent tax on investment gains.
This is just a fraction of what is actually happening in the bill. This bill will affect everyone, no matter what walk of life you come from. In short, this bill represents a serious risk to the majority of the U.S. population. The House and Senate versions of the bill still need to be reconciled before Trump officially signs it into law. There’s still time for the public to contact their representatives and express their outrage.