House Republicans released their tax plan last week. While I agree it’s time to clean up the tax code, this proposal will cut taxes for the wealthy and corporations, leaving higher taxes for the hardworking people in the middle. According to the Tax Policy Center, the bill also adds more than $1.5 trillion to the national debt over 10 years, and today’s announcement makes clear it could be significantly more.
True tax reform has been talked about by individuals, businesses, and members of both political parties for years. We should be working together to reform our tax code in a simple and fair way that is more conducive for economic growth and makes it simpler to file. But threatening important programs like Medicare and Medicaid and hurting investments in seniors, healthcare, education, science, and environmental protection is unacceptable.
We should reform our tax code, but to do that we have to responsibly look at both sides of the ledger - expenses and income. That's the way businesses get ahead, and that's the way America will get ahead. I hope House leadership will work with Democrats to develop a real bipartisan proposal instead of what I believe is a massive tax cut for the wealthy.