Progress Florida said in as Tuesday email that working families will be “waiting a while longer” to see any benefit from the tax cut package passed by Congressional Republicans last year.
If any benefit does come, the progressive advocacy group said any savings that do come “will likely be eaten up by higher gas prices just as they hit the road for the Fourth of July holiday and by higher health insurance and prescription drug costs.”
“Florida families have heard the rhetoric about the new Trump tax law but they aren’t seeing the savings in their bank accounts,” said Progress Florida director Mark Ferrulo. “The wealthy and big corporations have plenty to be thankful for but the rest of us who are facing rising gas prices and health insurance premiums are left wondering, what’s in it for us?”
While working families wait for their share, the group said “Florida’s wealthiest one percent will be watching fireworks at the country club in great comfort knowing that their Trump tax cuts will provide them with a $98,000 average tax cut a year, according to the Institute on Taxation and Economic Policy.”
Progress Florida said rising gas prices will cost Floridian’s who buy 15 gallons a week another $5.40 every time the go to the pump — that’s about $281 a year. When it comes to insurance, the group said the individual health insurance mandate stripped from the Affordable Care Act by the “Trump-GOP tax law” will cause the average family premium to go up by an estimated $1,860 a year.
Those hikes come as the top four American oil companies save $15 billion on their taxes and the top 10 pharmaceutical companies save $76 billion repatriating their offshore profits “as they rake in record profits and continue to price gouge customers and public health programs.”
“Lawmakers need to declare their independence from President Trump and Republican leaders in Congress by joining the effort to repeal the tax cuts for the wealthy and big corporations,” said Frank Clemente, executive director of Americans for Tax Fairness.
“If they don’t the real fireworks will be at the polls this November, as voters will express their anger at politicians who favor Big Oil and drug companies over working families. We need strong health and retirement programs like Social Security, Medicare and Medicaid, not more tax breaks for the wealthy and hugely profitable corporations.”