GOP Tax Law
Republican Tax Law Shortchanges Workers & Our Economy
Instead of working with Democrats on bipartisan, comprehensive tax reform, Republicans enacted partisan legislation that neither helps the middle class nor promotes fiscal responsibility. Their tax law provides massive tax breaks to the wealthy and big corporations while raising taxes on everyone else after the first few years. 83% of the benefits of this law go to the wealthy and corporations; only 17% goes to working families. Moreover, the GOP tax law contributes to raising the deficit by more than a trillion dollars every year for the next decade.
Republicans jammed their legislation through Congress without hearings or allowing Americans to provide input about how it shortchanges middle-class families. Now that it has been enacted, everyone can see that it hasn’t dramatically benefited the middle class or small businesses and that it’s bringing further strain to our nation’s finances, which Republicans will use to justify slashing Social Security, Medicare, and Medicaid.
Democrats will continue working to promote the principles of fair, bipartisan tax policies that benefit the middle class and don’t explode the deficit. Furthermore, as Republicans now turn to their plan to gut Social Security, Medicare, and Medicaid in order to offset the deficits their tax law created, Democrats will stand firm in defending these programs so they can benefit Americans today and in the future.
Republicans jammed their legislation through Congress without hearings or allowing Americans to provide input about how it shortchanges middle-class families. Now that it has been enacted, everyone can see that it hasn’t dramatically benefited the middle class or small businesses and that it’s bringing further strain to our nation’s finances, which Republicans will use to justify slashing Social Security, Medicare, and Medicaid.
Democrats will continue working to promote the principles of fair, bipartisan tax policies that benefit the middle class and don’t explode the deficit. Furthermore, as Republicans now turn to their plan to gut Social Security, Medicare, and Medicaid in order to offset the deficits their tax law created, Democrats will stand firm in defending these programs so they can benefit Americans today and in the future.
GOP Tax Law Related
Last week, House and Senate Republicans, along with the Trump Administration, released their joint tax reform framework, which provides tax cuts for the wealthiest 1% of Americans at the expense of the middle class and explodes the deficit.
Mr. Speaker, the Budget Act adopted in 1974 requires that the House complete work on its budget for the next fiscal year by April 15. That's 172 days ago.
This week, House Republicans will bring their budget resolution to the Floor for consideration – 172 days after the April 15 deadline to complete their work on a budget.
The nonpartisan Tax Policy Center’s analysis of Republicans’ tax reform framework ought to raise concern among every American who worries about their own economic wellbeing as well as the impact of deficits and debt.
We haven't deployed enough resources at this point in time. As [General Honore] said, Katrina was a more contained geographical area and this is a larger one.
The Republican tax outline released today is a textbook example of how not to do tax reform.