The GOP Tax Law and How it Impacts You
In 2017, House Republicans passed a massive tax package that primarily delivered tax cuts to the wealthy and corporations, but did next to nothing for working Arizonans. However, many of the GOP Tax Law’s provisions are set to expire after 2025.
The GOP Tax Law Helped Wealthy Individuals – And Did Little for Anyone Else
The GOP Tax Law gave tax cuts to the wealthiest and did next to nothing for those who needed help the most. In Arizona, that meant that the richest 1 percent of Arizonans got 29 percent of the tax cuts from the law, while the poorest 20 percent of Arizonans got just 1 percent.
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The GOP Tax Law was also a major boon to corporations. The law slashed the corporate tax rate from 35 percent to 21 percent and many companies have even been paying significantly less than that. Since passage of the law, the largest profitable companies in this country are paying an average effective federal income tax rate of 12.8 percent.
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When the GOP Tax Law was passed, many of its provisions were enacted to be temporary. That means that after 2025, certain provisions expire. Those provisions disproportionately help the wealthy. Now is the time for Congress to figure out what it wants to do – either let tax cuts for the rich expire and build a fairer tax system, or keep policies that do little for working families while continuing to help those at the top.
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Making the expiring provisions of the GOP Tax Law permanent would further this tax inequality. The top 1 percent of Arizonans would get a nearly $42,000 tax cut in 2026 if these provisions are made permanent, while the poorest 20 percent of Arizonans wouldn’t get a tax cut at all.
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Instead of continuing with a tax code that prioritizes the wealthy and major corporations, it is possible to achieve a system in this country that seeks to help families struggling to get by. Extending the 2017 tax law would hurt Arizona families.
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