Quigley Statement on House Republicans’ Tax Plan
WASHINGTON – Today, U.S. Representative Mike Quigley (IL-05), who serves on the House Appropriations Committee, released the following statement after House Republicans’ unveiled their new tax plan:
“After months of secret, closed-door plotting, Republicans have finally unveiled a disastrous tax bill that will drive up deficits to pay for tax cuts for the wealthiest among us. By adding trillions to the debt, Republicans are manufacturing a debt crisis that will be used as a justification to slash programs like Medicare and Medicaid. While comprehensive tax reform can help to promote economic prosperity, debt-financed tax cuts—paid for by our children and grandchildren—will severely slow growth. Furthermore, the vast majority of the benefits under this bill will not go toward hardworking middle-class families but rather the top 1 percent of earners.
“This tax proposal clearly breaks a promise made by President Trump that ‘the rich will not be gaining at all with this plan.’ This bill eliminates the estate tax, amounting to a massive windfall for the top 0.2 percent of households, while middle-class families in high-tax states like Illinois will lose their ability to deduct state and local income taxes. Given the current state of the economy and rapidly growing income inequality, there’s simply no logical reason to transfer wealth from low- and middle-income families to the most well off in this country.
“Instead of trying to ram this harmful bill through Congress, I urge my Republican colleagues to go back to the drawing board, work with Democrats on a bipartisan plan, and pass comprehensive tax reform that will support middle-class families, foster business development, and create opportunities for Americans to prosper in a 21st century economy.”