This legislation should never have made it into the light of day as it affects most Americans.
1. Taxes grad students on the value of their tuition waivers. The bill treats graduate tuition waivers as taxable income. These waivers are currently tax-exempt. The change represents a prohibitive financial burden for some of the 145,000 graduate students performing research and teaching undergraduates.
2. Grants personhood to fetuses, creating a conflict of interest between women, endowed with constitutional rights, and an embryo or fetus such that legislators can claim there is no difference in the legal status between a pregnant woman and fetus.
3. Makes student loan interest taxable, but private school tuition deductible.
4. Under the Statutory Pay-As-You Go Act, the act would increase the deficit and trigger automatic cuts to various federal programs. In fiscal year 2018 alone, Medicare would see automatic cuts of $25 billion, and it would be slashed by more than $400 billion over 10 years.
5. Changes how cost of living adjustments are made for Social Security so they will rise more slowly, further eroding the purchasing power of millions of seniors and people with disabilities
6. Eliminates deduction for state and local taxes. People who live in high tax (typically Democratic) states would be hardest hit.
7. Eliminates the individual mandate for the ACA. The Congressional Budget Office estimates 13 million people would drop health insurance. The federal government would save $338 billion by not having to pay their health insurance subsidies, but health care costs will rise because fewer people will get preventive care. As a result, premiums for everyone else would rise.
8. Individual tax cuts (or increased personal exemptions) expire, but corporate cuts are permanent. Through 2027, business taxes would be lower overall but individual taxes at every income level would increase by 2027.
9. It’s highly regressive – the more you earn, the more you benefit.
10. Eliminates deduction for medical expenses, which would be devastating for people with catastrophically high expenses. In 2015, this deduction helped 8.8 million families, offering financial relief amid crushing medical bills that would have otherwise driven people into debt.
Eliminating this deduction would be especially devastating for people with disabilities and severe illnesses, who frequently face thousands or even tens of thousands of dollars in out-of-pocket medical costs for long-term supports and services. It could put critical home- and community-based services and even life-sustaining treatments out of reach, pushing people out of their communities and into costly, isolating institutions, bankruptcy, or both.
11. Eliminates tax credit small businesses can use to comply with legal requirements to improve accessibility for people with disabilities.