Rep. Pascrell Statement on Republican Tax Plan
WASHINGTON, DC – Today, U.S. Representative Bill Pascrell, Jr. (NJ-09), a member of the House Ways and Means Committee, released the following statement on the Republican tax plan.
Republicans are so fixated on rigging the tax code to benefit corporations and the top one percent, and they are perfectly content to sacrifice middle-class families in that endeavor. And that’s exactly what their tax bill does. There is nothing in this tax bill that will boost wages, economic growth, or bring jobs back from overseas. Drafted behind closed doors by Republican leaders, this bill is being rushed through with no hearings and no input from Democrats.
We tried trickle down tax cuts in 2001 and 2003 and we got nothing but ballooning deficits and the economic catastrophe. This was followed by eight years of Republicans in Congress feigning concern about deficits in order to exact cuts to important federal programs and services. Now this bill will add over a trillion to the deficit without a second thought. Instead of providing targeted tax relief to those who need it most, the plan clearly chooses corporate CEOs and hedge fund managers over teachers and police officers.
Eliminating most of the state and local tax deduction for individuals is a terrible idea and will hit New Jersey like a ton of bricks. Property values will decrease while our towns and cities will be squeezed to come up with revenue for local services. By picking and choosing which state and local taxes can be deducted, the bill could actually lead to an increase in property taxes. And in another example is misplaced priorities, businesses will continue to be allow to deduct their full property tax bill.
Let’s not forget that we have yet to see the President’s tax returns. We have no way of knowing how he and his family stand to benefit from these changes. The committee must request his tax returns as the law allows, so we can review to see if estimates that put his personal gain from at more than a billion dollars in benefits might be accurate.