FORBES: How GOP Tax Plan Would Ruin Retirees, Underinsured [View all]

[CousinIT]

Unless you're a multinational corporation or someone with a yacht, there's a lot not to like in the GOP's tax "reform" plan, which the party wants to ram through Congress by the end of the year -- even more to despise if you're retired, going to retire or underinsured.

To pay for this runaway train of tax goodies for global corporations and the ultra-wealthy, the GOP is raising taxes on the Middle Class and refuses to address the long-term funding shortfalls in Social Security and Medicare. Neither the House nor Senate plan addresses this issue.

That fiscal failure will likely lead to massive cuts to these popular programs. According to the Senior Citizens League analyst Mary Johnson:

Worse yet, the House GOP plan caps mortgage interest, property tax write-offs and cuts personal exemptions while raising tax rates for middle-income earners.

Where would these cuts come from to pay for this horrendous legislation? Since they are not coming from defense or paring corporate tax breaks, the biggest target on the table are social insurance programs like Social Security, Medicare and Medicaid.

https://www.forbes.com/sites/johnwasik/2017/11/13/how-gop-tax-plan-would-ruin-retirees-underinsured/#3e14107d60ad