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.
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When Americans pay their taxes, as millions did yesterday, they expect, rightfully, that their tax dollars will be used to benefit the many, not just the few.
In addition to exploding the budget deficit that Republicans pretend to care about, the GOP tax scam will also worsen trade deficits that President Trump claims to hate.
As millions of Americans complete their tax filings, we are all reminded that every taxpayer - and every American - deserves a government that is fair, honest, transparent, and effective.
WASHINGTON, DC - House Democratic Whip Steny H. Hoyer (MD) joined CNBC's Squawk Box this morning live from the Capitol on Tax Day to discuss the GOP Tax Scam. Below are excerpts from the interview and a link to the video:
On Tax Day, here is a look at how the GOP tax law is leaving America’s workers behind while the wealthiest Americans and corporations receive the vast majority of benefits.
While the temperatures in DC may be rising, public opinion of the GOP tax scam is not.
Wanted to be sure you didn’t miss this Tax Policy Forecast Survey from Miller & Chevalier Chartered and the National Foreign Trade Council on the GOP tax law, which shows the majority of executives aren’t planning on hiring American workers or handing out raises and benefits to their employees like the GOP promised.
We’ve said it before, and we’ll say it again – the GOP tax scam is a windfall for wealthy Americans and corporations, not working families.
I thank the Speaker. I thank the Chairman. Ladies and gentlemen, I rise today not so much to oppose this legislation, as to deride it, as a sham. As a fraud. As a pretense of fiscal responsibility.
This morning’s job’s report begs a lot of questions. Most notably, months after Republicans enacted their tax law, where is the wage growth that they promised?