Durbin: Trump/GOP tax ‘reform’ plan is a sellout to the wealthy

0
85
U.S. Senator Dick Durbin (D-IL) says the Trump/GOP tax “reform” plan will benefit corporations at the expense of working families. – Washington Examiner photo

‘This has to stop!’

Washington – U.S. Senator Dick Durbin (D-IL) describes the current Trump/GOP tax “reform” plan as a sellout to corporations and the wealthy that will actually hurt many working class families.

Speaking on the Senate floor, Durbin, the minority whip, urged Republicans to work with Democrats to create a fiscally responsible tax plan that would helps working class families instead of hurting them.

Under the Republican plan, taxpayers’ families could no longer claim a deduction for state and local tax (SALT) payments, now claimed by 30 percent of all filers, he noted. The SALT deduction allows families that pay state and local taxes to deduct those taxes from their federal income tax. This deduction prevents families from being doubled taxed — once by the federal government and again by the state. The Trump/GOP  plan would eliminate that deduction.

And it gets worse. According to Durbin:

• “To pay for the tax cuts for the wealthiest people in America, the Republican tax reform plan cuts $1 trillion for Medicaid and $470 billion in cuts for Medicare.

• “While claiming to fix our broken tax code, this Republican tax reform plan would instead provide nothing short of a windfall to the wealthiest in our country and stick hardworking families in Illinois and across the country with the bill.

• “Under the Republican plan, no less than 80 percent of the benefits go to the top 1% of wealthiest Americans.

• “What about middle-income Americans? The Republican plan would raise taxes on nearly one third of Americans who make between $50,000 and $150,000 a year. That’s not tax relief for working families.”

WORKING FAMILIES CONTINUE TO WAIT FOR THEIR TURN

“While American workers and their families continue to wait for their turn, the Republicans seem to be determined to provide tax cuts to corporations and the wealthy rather than make the tax code work for working families,” Durbin said. 

“This has to stop! It’s time we looked at tax reform and economic growth in terms of the family room, not the board room.”

LEAVE A REPLY

Please enter your comment!
Please enter your name here