Larson: The Passage of the GOP Tax Bill Is A Massive Redistribution Of Wealth From The Middle Class To Corporations And The Wealthy
Washington, D.C. – Today, Rep. John B. Larson (CT-01) released the following statement after the Republicans jammed their tax proposal through the House. It passed with a vote of 227-205.
“This is a remarkable day for the corporations and the wealthiest of Americans. However, if you are a hard-working middle-class family, not so much. The Republicans have jammed this bill through the Ways and Means Committee and ultimately to the House floor, absent of any public hearings, expert testimony or constructive debate. They have robbed the American people a voice in this legislation. Why were the American people denied input into this bill? It is because they knew that this bill was destructive for middle class families and their constituents. Instead, this bill will pull money from donor states in the Northeast, like Connecticut. As my Republican colleagues Lee Zeldin and Peter King have aptly stated - this is a redistribution of geographic wealth from one region of the country to another and from the middle-class to the corporations and the wealthiest of our country. Simply put, this was a lost opportunity for the American people and could have gone very differently.
“Machinists, teachers, engineers, mechanics in Connecticut, who already give more in federal taxes than they receive back in federal funding, will be bearing this cost, and will be doubly taxed from the eliminations of deductions like the State and Local tax deduction. For example, a teacher, who spends $250 out of their own pocket on classroom supplies to help their students, will no longer be able to deduct that cost. A couple in the Greater Hartford area with a child in college could see a $1,667 tax increase in 2023, and a recent college graduate will not be able to write-off their student loan interest payments. How does this incentivize the young middle-class family to purchase a home and raise a family? It doesn’t.
“A particularly unconscionable provision is the elimination of the Medical Expense Deduction. This bill will take away money from seniors who benefit from the Medical Expense Deduction, and are already struggling with the high cost of medical bills. Furthermore, this plan triggers an automatic $25 billion cut to Medicare due to the PAYGO rule, in order to close the gap of the $2.3 trillion deficit hole they created. Again, this is a remarkable day for the corporations and the wealthiest of the wealthy, but certainly a solemn one for the hard working middle-class. I will continue to fight this disastrous tax bill,” said Larson.
The GOP Tax Plan:
- Guts the State & Local Tax Deduction
- Eliminates the personal exemption
- Eliminates the Medical Expense Deduction
- Eliminates teacher’s deduction for classroom supplies
- Eliminates deduction for property casualty loss
- Eliminates deduction for student loan interest