Rep. Jayapal Responds to Disastrous Republican Tax Plan

Press Release

Congresswoman Pramila Jayapal released the following statement today responding to the release of the Republican tax plan that would give massive tax cuts to the wealthiest among us, and result in the loss of trillions of dollars from Medicaid, Social Security and investments in community betterment.

"This Republican tax cut for the wealthy would all but destroy the American middle class. We've always known the GOP is in the pockets of big oil, large corporations and special interests, but this newest proposal makes it even more clear that they're willing to forfeit Main Street in favor of Wall Street.

"While effective tax rates for large corporations sit at record lows, the GOP is pushing to cut them by another 15 percent. As the gap widens between billionaires and working families, Republicans seek to hand the top 0.2 percent nearly $270 billion in tax cuts.

"The GOP is propping up millionaires and billionaires on the backs of working families. We stand to lose trillions of dollars in funding for our children's education, community health in the form of Medicaid and our Social Security benefits with no explanation of how we'll make up for the loss.

"We never asked for a plan to help the rich get richer. It's time for Republicans to open their eyes and realize that Americans in every state need a tax plan that invests in education, infrastructure, job creation and public health. Until Republicans realize they're supposed to be fighting for all Americans, I will resist their tax cuts for the wealthy."

Background:

The newly introduced tax plan would:

Cuts the corporate tax rate by 15%.
Raises tax rates in the lowest bracket from 10% to 12%, negatively impacting low-income Americans
Eliminates the estate tax, giving an estimated $270 billion in tax cuts to the wealthiest
Takes away trillions of dollars in funding with no explanation of how Americans will cover the loss
Reduces the number of tax brackets from seven to three

Source