Larson: This Tax Plan is Cruel and Bad for Connecticut
Washington, D.C. – Today, the House passed the conference report of the GOP Tax plan in a partisan vote. It is expected to pass the Senate, also by a partisan vote, before going to the President’s desk. The entire process for this legislation has been partisan, rushed, and behind closed doors. Rep. John B. Larson (CT-01), released the following statement:
Larson’s floor remarks prior to the vote can be found here
“As we approach Christmas, this is the present the Republicans are giving to the wealthy and the corporations, leaving the elderly and the American people who need our help behind. This is a giveaway to the wealthiest among us and it will be paid for on the backs of the middle class in Connecticut, our seniors, and our state’s more most vulnerable. As an example, beginning next year, corporations will still be able to deduct State and Local Taxes, while individuals and families are capped at $10,000. Considering that 41 percent of Connecticut residents itemize and take this deduction – our state will be unfairly penalized. Additionally, the massive corporate tax cuts are made permanent, while the modest provisions intended to help individuals expire in 2025. As a result, more than half of the middle class will see a tax increase by 2026 while the very wealthy and large corporations will continue to reap the benefits of a lower tax rate. And it gets worse, because this plan will add $1.5 trillion to the deficit, which will trigger an automatic cut of $25 billion to Medicare next year. The Republicans’ ultimate end game is to further decimate essential safety net programs, like Medicare, Medicaid, and Social Security. Medicare and Social Security are insurance programs that Americans have paid into their whole working careers and now they are on the chopping block thanks to this disastrous tax bill.
“At the end of the day, this bill was about giving my Republican colleagues a political win after a series of failed attempts at repealing and replacing Obamacare. This was never about helping the American people. This tax cut makes the Grinch and Mr. Potter from It’s a Wonderful Life look humane. The gutting of the Medicare program to pay for tax cuts to millionaires and billionaires is both cruel and deceitful,” said Larson.