FACT CHECK: The deficit-busting McConnell tax plan will force Hoosiers to pay for tax cuts for outsourcers and the wealthy

INDIANAPOLIS – Congressmen Messer and Rokita and Rep. Braun all supported the McConnell tax bill that will raise taxes on middle class Hoosiers to pay for new tax breaks for the wealthiest Americans and corporations who ship jobs to other countries. Within a decade, this proposal will raise taxes on a majority of Americans and direct 83% of the remaining benefits to the top one percent. The plan adds as much as $2.2 trillion to the national debt, which Washington Republicans are threatening to pay for by cutting Hoosiers’ Medicare, Medicaid, and Social Security. 

Despite a handful of highly publicized bonuses over the past months, few companies have actually put forward plans to use their tax savings to boost wages. Meanwhile, even some of the corporations that have touted bonuses are also quietly laying off many workers — sometimes to the point that they may have actually managed to reduce their wage bills. Many of the Hoosiers who are seeing a windfall, however, will likely see it wiped away by double digit increases in insurance premiums thanks to Republican attempts to sabotage the health care markets.            

FACTS:

Rep. Braun claimed that the McConnell tax plan would “fuel an economic comeback.”

Congressman Messer voted for the McConnell tax bill and argued it would “help our economy grow,” while Congressman Rokita claimed before he voted for it that “every third-party economist that you look at shows that this is gonna be good for Indiana.”

A survey of economists by the University of Chicago found unanimous agreement that the McConnell tax plan would increase the national debt, and only one out of 42 economists believed it would cause substantial economic growth.

The bill’s tax cuts for major corporations are permanent, but those for working families are not.

According to an analysis from the nonpartisan Tax Policy Center, taxes will increase by 2027 for the majority of Americans, and 83 percent of the bill’s benefits will go to the top one percent.

An analysis by the nonpartisan Tax Policy Center claimed that if all tax cuts in the McConnell tax plan are made permanent, the bill could ultimately add as much as $2.2 trillion to the national debt.

The McConnell tax plan “could actually make it more attractive for companies to put more assembly lines on foreign soil,” according to the New York Times.

The paper products company Kimberly-Clark admitted that the savings it received from the McConnell tax bill will be used not to fund raises, but instead directly to pay for layoffs of over 5,000 employees.

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