Washington, D.C. - Congressman Adam Smith released the following statement in response to the tax bill released by House Republicans:
November 2, 2017
“The Republican tax plan released today is disastrous for American workers and middle class families. Instead of having an honest discussion about our federal budget, House Republicans are attempting to force a partisan bill that will hurt millions of middle class Americans, only to give tax cuts to corporations and the wealthiest among us. This tax plan illustrates how far out of touch the Republicans are with the needs of the American people.
“Republican’s overly optimistic claims are deeply disingenuous. Their plan will cost Americans $1.5 trillion, or more, and is only partially paid for by eliminating credits and deductions that working and middle class Americans rely on to make ends meet. The cuts in this bill, and the debt increases that they will exacerbate, will not help families or spur job creation. With federal revenues already significantly reduced by the Bush-era tax cuts, this misguided tax plan will further constrain our ability to grow the economy for everyone. To cut taxes for those that do not need it, following trillions of dollars of tax breaks over the past decade and a half, continues to take us in the wrong direction.”