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Congresswoman Maxine Waters

Representing the 43rd District of California

Rep. Waters Slams GOP’s Shameful Pro-Billionaire Tax Scam

November 2, 2017
Press Release

Rep. Waters Slams GOP’s Shameful Pro-Billionaire Tax Scam

WASHINGTONCongresswoman Maxine Waters (CA-43), Ranking Member of the House Financial Services Committee, released the following statement after House Republicans unveiled details of their tax legislation:

“Today, House Republicans finally unveiled the details of their shameful tax bill, which includes sweeping cuts for millionaires, billionaires, and corporations at the expense of working families and the middle-class. 

“For Californians, and residents of my district in particular, the Republican tax plan is devastating.  It eliminates the state and local income tax deduction, a deduction almost one third of people living in my district use.  Without this deduction, they’d be double taxed: once on a state and local level, and again by the federal government.

 “The Republican bill cuts the mortgage interest deduction for new home owners in half, and similarly harms millions of Americans saddled with student loan debt by eliminating the student loan interest deduction. Under this bill, people trying to start a family will see the adoption tax credit disappear, and although the Republicans say that their plan will increase the Child Tax Credit, what they don’t tell you is that many low-income families will be excluded.  If the elimination of these vital tax benefits on which millions now depend weren’t enough, the Republicans literally add insult to injury, by eliminating the medical expense deduction which helps covers preventive care, prescription costs, and long-term care for chronically-ill Americans.  

“Furthermore, the Republican bill cuts the corporate tax rate from 35 percent to 20 percent, and eliminates the alternative minimum tax (AMT), a part of the tax code that only benefits the wealthiest Americans. The Republican bill also completely phases out the estate tax, which would provide Trump and all of his cabinet members combined an extra $3.5 billion if their proposal is enacted. 

“Republicans claim their tax bill will spur economic growth, but all it really does is help people like Donald Trump, his cabinet and wealthy Republican donors keep money in their pockets.”