Congressman Ben Ray Luján (D-NM) released the following statement after details of the Ryan-McConnell Tax Plan was unveiled earlier today:
Congressional Republicans believe that we need a massive tax break for big corporations and the super-wealthy. A tax break that will be paid for by working and middle-class families who are already struggling. Democrats are in favor of tax reform, but it must prioritize middle-class families and put working Americans first.
In particular, I am troubled that the bill would raise taxes on middle-class and working families by reducing the value of state and local tax deductions. According to a report prepared by the Government Finance Officers Association, nearly a quarter (24%) of all families in northern New Mexico depend on these deductions, with the average deductions ranging from $1,272 to $5,232.
I am also deeply concerned that after adding trillions to the debt in tax breaks for corporations and the wealthiest, the President and his Republican allies in Congress will use the deficit created by this bill to justify devastating cuts to Medicare and Medicaid.
It appears that Republican leaders are once again taking a page from their Trumpcare playbook by rushing through a massive bill with no hearings and no idea about the true impact of this legislation. Clearly they are hoping to implement these changes in the tax code before the American people see it's just a multi-trillion dollar giveaway to the wealthiest that will be paid for on the backs of middle class and working Americans.
This legislation is an example of fiscal irresponsibility and is skewed against American families. Virtually all of the tax breaks in this bill aimed corporations are permanent, but any scrap of relief affecting families is only in effect for a few years. We need to improve the financial outlook for families living paycheck to paycheck, not make it worse.
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