Press Releases

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Marc Stier, Director of the Pennsylvania Budget and Policy Center, made the following statement following the release of the Trump Administration's proposed federal budget for FY 2019:

 

Marc Stier, Director of the Pennsylvania Budget and Policy Center, released the following statement on the passage of the U.S. Senate GOP tax bill: 

"Budgets are, it is frequently said, moral documents. If that is true, and we believe it is, then the tax plan adopted by the Senate today represents an extreme moral failure on the part of the Republican Party. At a time when incomes are becoming ever more unequal, the Republican tax plan will ultimately make the rich richer and the poor and middle class poorer. It will benefit corporations at the expense of families. And, because of the repeal of the individual mandate, it will cost 13 million people nationwide — and 500,000 in Pennsylvania — health insurance leading to 1000 to 2000 premature deaths in our state alone. 

Marc Stier, Director of the Pennsylvania Budget and Policy Center, released the following statement on the announcement that the U.S. Senate GOP will include a repeal of the Affordable Care Act individual mandate in their tax bill.

While the tax cuts proposed in the House of Representative plan may not be the largest in American history, they are very likely the ones most weighted to benefit the very richest Americans. The House plan will tilt the tax system to taxing wages far more and capital far less. At a time when there is no supply-side barrier to new business investment, there is no economic justification for this transformation in our tax system. This is a plan that is only justified by greed on the part of the richest Americans who have already received most of the benefits of economic growth in the last forty years, and on the part of members of the Republican Party who expect to be rewarded for acting on their behalf.

House Republican leaders highlight an increase in the maximum value of the federal Child Tax Credit (CTC) as their tax bill’s signature benefit for working families, but the provision completely excludes 315,000 children in Pennsylvania whose parents work in low-paying jobs, according to a new report from the Washington, DC-based Center on Budget and Policy Priorities. Another 409,000 Pennsylvania children in low-income working families would receive less than the full $600 increase in the credit that would be available to higher income families. 

Under the House plan the top 1% of households will receive 30% of all tax cuts in 2018, an average reduction of $46,000 on an average income of $1.8 million. By 2027, their share of the tax cut will grow to 44%, with an average reduction of $66,120 on an average income of $2.45 million.

The bottom 60% will receive only 15% of the total tax cut in 2018, an average reduction of $370 on an average income of $33,000. By 2027, their share of the tax cut will drop to 14%, with an average reduction of $290 on an average income of $47,000.

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