Quigley Statement on Passage of House Republicans’ Tax Bill
WASHINGTON – Today, U.S. Representative Mike Quigley (IL-05), released the following statement on passage of the House Republican tax bill:
“Today’s passage of House Republicans’ tax bill is a massive giveaway to the wealthiest in our country on the backs of hardworking middle-class families. Nothing about this bill makes any economic sense. It will explode deficits by $1.5 trillion over the next decade, significantly worsening our unsustainable fiscal outlook and manufacturing a debt crisis that Republicans will use to force devastating cuts to Medicare and Medicaid.
“It’s unacceptable that nearly 50 percent of the benefits under this bill will go to the top 1 percent of earners, while those in the bottom half receive $50 or less in tax cuts in 2027. This terrible bill only gets worse over time with a quarter of all Americans, including 36 million middle-class households, expecting a tax hike by the end of the decade. By eliminating deductions for state and local income tax, medical expenses, and student loan interest, this bill makes it harder to climb the economic ladder and achieve the American Dream. Seniors, homeowners, teachers, and students–in many ways, the backbone of our economy and our society–stand to lose the most under this legislation. Although it’s clear that President Trump and his family will do very well from the business tax reductions under this bill, there is no evidence that ordinary workers will see any significant changes in their paychecks.
“The American people deserve a tax code that’s simple and fair for low- and middle-income families, without driving up deficits that will ultimately be paid for by our children and grandchildren. We can and must do that, but only through a bipartisan process that puts the well-being of ordinary, hardworking Americans above the desires of wealthy families and large corporations.”