GOP tax reform plan would also explode the national deficit by estimated $1.5 trillion
PHOENIX – Herschel Fink, executive director of the Arizona Democratic Party, released the following statement after House GOP Leadership and Congresswoman Martha McSally in Washington forced through a tax reform plan that would explode the national deficit by about $1.5 trillion, cut nearly $25 billion from Medicare, and slash numerous tax deductions, including the mortgage interest deduction from Arizonans – making it harder for families to make ends meet.
“Congresswoman Martha McSally and the GOP establishment in Washington just voted to explode the national deficit, cut billions of dollars from Medicare, and take away tax credits – like slashing the mortgage interest deduction – Arizonans use to make ends meet. With wages and quality of life being among the worst in the nation, Arizonans would be crippled if this so-called ‘tax reform’ were signed into law. This ‘plan’ is exactly the partisan discord that has Arizonans fed up with Washington, and every Arizona Republican will be held accountable at next year’s midterm elections.”
BACKGROUND INFORMATION: How GOP Tax Reform Would Harm Arizonans
How GOP Tax Reform Would Harm Arizonans
· If mortgage interest deduction is eliminated: Arizona homeowners could on average lose about $20,590. [NAR Research]
· If medical expenses deduction is eliminated: Arizona families would lose ability to write off expensive medical costs that total $2.2 billion annually. [Center for American Progress]
· If state and local income tax deduction is repealed: Arizona would lose about $2.5 billion in funding – putting more than 3,000 jobs on the chopping block. [National Education Association]
· If student loan interest deduction is removed: Arizona students could lose ability to write off expensive student loans, totaling about $223 million annually. [Center for American Progress]
BACKGROUND INFORMATION: Middle-Class Arizonans Already Falling Behind Rest of US
Bureau of Economic Analysis: In 2016, Arizona had a per capita personal income (PCPI) of $40,415. This PCPI ranked 42nd in the United States. “In 2016, Arizona had a per capita personal income (PCPI) of $40,415. This PCPI ranked 42nd in the United States and was 82 percent of the national average, $49,246. The 2016 PCPI reflected an increase of 2.0 percent from 2015. The 2015-2016 national change was 1.6 percent. In 2006, the PCPI of Arizona was $34,705 and ranked 28th in the United States. The 2006-2016 compound annual growth rate of PCPI was 1.5 percent. The compound annual growth rate for the nation was 2.6 percent.”
CNBC: Ranked at 31, “Quality of Life” for Arizonans is at the bottom half of the nation.