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.
Related
We know the GOP tax scam is failing to live up to the promises Republicans made. Republicans know it.
ICYMI at today’s Ways and Means Committee Hearing, Chairman Brady cited a CBO report on the GOP tax scam that he says confirms the law would increase revenues.
But that’s not what CBO said. Take a look:
But that’s not what CBO said. Take a look:
This morning, Republicans on the Ways and Means Committee held a hearing on their dangerous tax law even as many of their own Members have stopped trying to sell it to the public.
Former Congressional Budget Office Director Douglas Holtz-Eakin has said before that tax cuts don’t pay for themselves.
This morning at the Ways and Means Committee hearing on the GOP tax scam, Chairman Brady suggested Democrats are cherry-picking data when Ranking Member Neal pointed out 83% of the benefits of the law are going to top 1% by 2027.
As Republicans leave their weekly conference meeting and gear up for their very first hearing on H.R. 1, we here in the ever-helpful Dem Whip press shop put together a few questions for GOP leaders:
Before Republicans try to tell you that their GOP tax scam pays for itself at today’s Ways and Means Committee hearing – the very first hearing on H.R. 1 – we wanted to remind folks of this op-ed by former Congressional Budget Office Director Douglas Holtz-Eakin, who is testifying today.
The non-partisan Concord Coalition has some harsh criticism of the GOP’s rescissions package, a political gimmick which CBO confirmed would amount to $1 billion in savings after Republicans exploded the deficit with their tax law by $1.8 trillion.
While jamming the GOP tax scam through Congress, Republicans made a number of promises to middle-class Americans that this bill would grow the economy, create new jobs, increase wages, and give Americans more health care choices.