Republican Tax Plan is "Blueprint for Red Ink"

Statement

Today, U.S. Congressman Lloyd Doggett (D-TX), Ranking Member of the Ways & Means Tax Policy Subcommittee, reacts to the latest Republican tax break announcement. Rep. Doggett said:

"The superlatives never match the specifics. What President Trump and his Republican cohorts say this plan is, it isn't. The future of this bill depends upon how quickly the truth can catch up with the lie. From what we can already see, it is a blueprint for red ink.

"Despite repeated claims of "no tax cuts for the rich,' this plan does the opposite by raising the bottom rate and cutting the top rate, eliminating the estate tax, and expanding a loophole to line Trump's pockets. Like a Trump University degree or a Republican healthcare bill, the gap between what they say it does and what it actually does should be what ends it. While professing concern for companies offshoring profits and jobs, they create huge new incentives to ship even more American jobs abroad and reward those with profits hidden in island tax havens. They say this will help the middle class, while raising taxes on some middle-class and working families.

"This make-the-rich-even-richer Big Six plan should be deep sixed. Claiming that tax breaks will magically pay for themselves is like claiming Mexico will pay for his wall. In fact, this means more borrowing from the Chinese and the Saudis, and ultimately cuts to Medicare, Medicaid, Social Security, education, and other vital public services. Republicans should have learned from their healthcare repeal fiasco that the American people don't support slashing middle-class and working family investments to lavish tax breaks on those at the top."

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