Senators were given two hours to read the 400+ page bill before being asked to vote on it.
Unless you have been living under a rock for the last three days by now you have already heard that Republicans in the Senate rammed through their wildly unpopular tax proposal that will raise taxes on the middle class and strip healthcare from 13 million people. The bill would also raise our national deficit by over $1 trillion dollars over the next ten years.
“This partisan tax bill is a giveaway to corporate special interests, not something that will help the middle class,” said Senator Maggie Hassan. “I am extremely disappointed that my Republican colleagues passed a bill that non-partisan experts have shown will raise taxes on millions of hard-working families, increase health care premiums by 10 percent annually, and add $1.5 trillion to the national debt – all to give tax cuts to corporate special interests and the wealthiest few. There is strong bipartisan support for real tax reform that would benefit hard-working people and small businesses, but this is not that bill.”
“We need bipartisan tax reform to simplify our tax code, bolster the middle class, support small businesses and create jobs. But the partisan bill forced through the Senate and passed on a party-line vote failed to address any of these critical needs,” said Senator Jeanne Shaheen. “This legislation asks middle-class families to foot the bill for massive tax breaks for the wealthy and large corporations, and will have serious ramifications for Granite Staters who rely on important tax benefits that are eliminated under this bill. I am tremendously disappointed by the secretive manner in which Senate Republicans crafted this legislation, and I’m concerned about how the middle class, seniors, homeowners, teachers and so many others will suffer as a result of this legislation. As the tax overhaul process moves forward, I’ll continue to push for bipartisanship and to protect essential New Hampshire priorities, including the state and local tax deduction and the student loan interest deduction.”
The Republican tax bill will add nearly $1.5 trillion to the national debt and make most families who earn less than $75,000 a year pay more in taxes by 2027. According to the non-partisan Congressional Budget Office, by 2019, Americans earning less than $30,000 a year will be worse off. The bill would lead to $25 billion in cuts from Medicare, harming seniors, and repeals part of the Affordable Care Act, which will raise healthcare costs and leave more Americans uninsured. Additionally, the Republican tax plan could prevent homeowners in New Hampshire from deducting state and local taxes and increase the tax burden on work-study students at colleges and universities.
“At a moment when 10,000 Americans are turning 65 every day, members of the Senate have stolen the retirement health benefits that Americans have earned over a lifetime to provide an unneeded windfall to the top 1%. They seem determined to create a retirement crisis that will take decades to reverse,” said Richard Fiesta, Executive Director of the Alliance for Retired Americans.
“The GOP tax bill that passed the Senate by one vote is nothing but an attack on America’s workers,” said Richard Trumka, President of the AFL-CIO. “We will pay more, corporations and billionaires will pay less. It’s a job killer. It gives billions of tax giveaways to big corporations that outsource jobs and profits.”
“President Trump said that he wanted to lower taxes for everyone as a Christmas gift to America, but this bill is simply a lump of coal to working families across the country. The only real gift is the major tax giveaways to Wall Street, big corporations and the super-rich, when what our country needs is investment in our schools and infrastructures that creates jobs,” Trumka added.
“In voting to give a tax break for millionaires, billionaires, and wealthy corporations, Senate Republicans have made an enemy for themselves in their own constituents,” said Tax March Executive Director Nicole Gill. “As a result of this monstrous bill, 87 million middle-class families would pay more in taxes so that Republicans can reward their rich donors with even more unearned tax breaks. Not only would working families see their own taxes go up, this bill threatens massive cuts to Medicaid, Medicare, and critical funding for programs that hardworking Americans rely on. Senators who voted for this scheme should be ashamed and will not avoid the repercussions from voters – we won’t forget.”
“The bill passed today is nothing more than a giveaway to the richest households and corporations, period,” said Josh Bivens, of the Economic Policy Institute. “It will raise taxes on many low- and moderate-income households, and the deficits it will leave in its wake will be used to attack Social Security, Medicare, and Medicaid—a strategy clearly telegraphed by both the Republican budget resolution from last month as well as by Senator Rubio more recently. Besides lying about who would benefit most directly from the tax cut, defenders of today’s bill have also lied about the trickle-down benefits that will accrue to workers in the form of higher wages. Simply put, this bill will not raise wages for typical workers—but it will deny health insurance to 13 million workers, a measure Senate Republicans included to help contain the overall cost of giving large tax cuts to rich households and corporations. This bill is a scam through-and-through.”
For years Republicans in the Senate have used the “Debt and Deficit” as a way to justify their votes against a variety of bills. They even shut down the government for almost two weeks because they refused to raise the debt ceiling. Yet, all of those issues seemed to disappear as they voted to increase the national debt by over $1 trillion dollars.
The Concord Coalition is a right-leaning government watchdog group that is focused on reducing the national debt and opposes these cuts.
The Concord Coalition said today that the tax legislation considered by the Senate is based on flawed economics, reckless fiscal policy and blatant budget gimmickry. It would worsen the nation’s fiscal outlook and introduce new complexities in the tax code at a time when policymakers should be aiming to lower deficits and make the tax code more efficient.
“This is the wrong bill at the wrong time,” said Robert L. Bixby, Concord’s executive director. “Like its counterpart in the House, the Senate’s tax bill is based on the flawed premise that another trillion dollars or more of new debt is needed to spur higher economic growth.”
He added: “The economy does not need short-term stimulus from a major tax cut at this time. And over the long term, adding more debt to the already unsustainable path of current fiscal policies would act as a restraint on future growth. Revenue-neutral tax reform would not have this problem.”
Because the Senate version and the House version are different, a committee of conference will be created to iron out the details before it must come back for an “up and down” vote.