Taxes

The Republican tax plan is not “reform.” It increases taxes on middle-class families so that corporations and the wealthy can pay less. That’s just wrong, and I’ll work for real tax reform that benefits working families.

Since the election of Donald Trump, there has been much talk of tax reform. While President Trump and Congressional Republicans claim that their proposed “reform” will benefit all Americans, the simple truth is that they will raise taxes on middle-class Americans so that the wealthiest Americans can receive huge tax breaks. This is not reform. We must stop making the rich richer at the expense of hard-working middle-class Americans and small businesses which are the true drivers of our economy.

Here’s what the Trump/Ryan bill actually does:

  • Cuts Medicare by 4%;
  • Triggers a tax increase on 72% of middle-class Americans in the next three years;
  • Causes 13-million people to lose health insurance (this is part of the Senate bill, with House Republicans expected to support this provision);
  • Eliminates the adoption tax credit;
  • Eliminates the medical expense tax deduction;
  • Drastically reduces the state and local tax deductions; and
  • Caps mortgage deductions.

All of the above reductions are intended to fund the following:

  • Permanent corporate tax cut to 20%;
  • $100k tax cut for top 0.1% of earners;
  • Double the estate tax allowance in advance of eliminating it altogether.

Contrary to decades of Republican rhetoric, it will add enormously to the national debt. Republicans are proposing to borrow $1.5 trillion (yes, trillion), give the money to corporations and the very wealthy, and make the rest of us pay off the note.

I support real tax reform that makes sure everyone pays their fair share and gives middle-class Americans an opportunity to realize financial security through savings and the ability to invest in their own future. American workers deserve a break, and so do small businesses, which are the biggest source of new jobs in our economy.