This week, U.S. Rep. Adam Kinzinger, R-Channahon, voted to pass the tax plan presented by the Republicans. They have long promoted this plan as an increase in the paychecks of working-class Americans and a middle-class tax cut. They have gone as far as calling this the Tax Cut and Jobs Act.
Kinzinger has claimed that by cutting the taxes of the wealthiest 1 percent and U.S. corporations, they will be incentivized to invest in job creation in the U.S. However, in a recent economic conference of CEOs held by Gary Cohn, very few of those CEOs indicated they would use those tax savings to reinvest in their businesses and create jobs.
This tax plan increased the standard deduction, but eliminated deductions that can be used along with that standard deduction. One of the most significant, the student loan deduction, is used by 12 million Americans.
Eliminating this deduction will make college education more expensive for those 12 million Americans at a time student loan debt has exceeded $1 trillion. However, this tax plan retains the deduction that the wealthiest use for private school tuition for their children.
While cutting deductions for middle-income families, this tax plan introduced a new tax deduction for those who own their own private jet and eliminated the inheritance tax. This tax, which is assessed on estates valued at more than $5.45 million for a single person or $11 million for a couple, is paid by only two-tenths of a percent of Americans, and there are only 200,000 privately registered aircraft. How do these qualify as tax policy for middle-income families?
Once again, Kinzinger has shown that his legislative actions are not in alignment with the needs of the constituents of the 16th District in Illinois. This tax plan is not about putting more money in the wallets of working Americans, but instead about putting more money in the offshore bank accounts of the wealthiest. The sad thing is, this plan will increase the debt by $1.5 trillion. We can be assured that the wealthiest 1 percent won’t be paying that bill, but instead it will be middle-income families.
On Nov. 6, 2018, we have a chance to replace Kinzinger with more responsive representation that works for the middle-class families of 16th District. Let’s vote him out.