Middle class

U.S. Sen. Bill Nelson (D-FL) filed an amendment to the GOP’s tax bill today that would make any middle-class tax cuts in the bill permanent, rather than temporary, as they are under the current version of the bill.
The measure, if approved, would require that the Senate to suspend consideration of the current bill and send it back to the Senate Finance Committee to work out a bipartisan compromise on how to provide permanent tax relief for the middle class.
Under the current plan, some in the middle-class would get a tax cut for the first eight years. After that, however, those tax cuts end and families making less than $75,000 per year will actually see their tax bills increases – and forced to pay more than they do now under current law.
“The tax bill before us is not for the middle class,” Nelson said on the Senate floor this evening. “As a matter of fact, this is a big cut for corporations. This is not a cut for you, it’s not a cut for hardworking families.”
“The truth is that the bill treats the corporations much better than regular people,” Nelson continued. “If you make $75,000 or less, you will be hurt by this bill. If you are a small business owner and your taxes are a pass-through, at the individual rate, your taxes are going to be much higher than large multinational corporations. If you buy your insurance in the individual market, that’s health insurance, there’s a good chance that you’re going to lose access to affordable health insurance. And these are the facts. It’s just plain and simple.”
Text of Nelson’s amendment is available here.