The Trump administration’s tax-reform bill has hurt many American workers.
The legislation, dubbed the American Taxpayer Relief Act, will cut taxes for corporations and small businesses.
It is estimated to cost $1.3 trillion over 10 years.
This could lead to thousands of job losses, according to a report by the Center for Budget and Policy Priorities.
But Trump has repeatedly claimed that the bill will create jobs.
This week, Trump doubled down on this claim, telling the House Financial Services Committee that his tax cuts would “rebuild our country.”
He has repeatedly said that the tax cut will create hundreds of thousands of jobs.
In fact, the bill would hurt small business, according the report.
“It would create massive uncertainty in the small business sector,” the report stated.
According to the Tax Policy Center, the legislation could cost the U.S. economy $2.4 trillion in lost revenue by 2026, and increase federal deficits by $1 trillion.
This bill has created a new type of economic uncertainty, which is a result of the fact that the GOP is trying to make a quick buck while the American people are left holding the bag.
The American Taxpayers Relief Act is a bad deal for American families and businesses.
The bill includes tax breaks that are not available to many Americans, such as the repeal of a deduction for charitable donations.
These loopholes are often used by rich people to avoid paying federal income taxes.
Additionally, the law does not include a replacement for the Earned Income Tax Credit (EITC), which is supposed to be a lifeline for working families.
The EITC is also a critical source of income for many working families, and many working Americans depend on it.
The House Republican plan will not help those who are struggling most in the economy, according this report.
The report also says that the legislation would lead to a loss of hundreds of millions of dollars in tax revenue, which would lead the IRS to close tax-exempt tax-deferred accounts, which could lead more people to lose their tax deductions.
The tax cut also includes a reduction in tax rates for individuals and small business owners, but not for the middle class.
“While the legislation is supposed as a tax relief for Americans, the real tax relief is for the wealthiest Americans and corporations,” said Ryan Riggs, senior legislative fellow at the Tax Foundation.
“The GOP’s plan to raise the wealthiest would be a disaster for Americans who rely on their taxes to make ends meet.”
Read more about the tax bill at NBC News.