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Congresswoman Maxine Waters

Representing the 43rd District of California

Rep. Waters: Tax and Spend Republicans Just Sold Out Middle America

December 19, 2017
Press Release

Rep. Waters: Tax and Spend Republicans Just Sold Out Middle America 

WASHINGTONCongresswoman Maxine Waters (CA-43), Ranking Member of the House Financial Services Committee, released the following statement after the U.S. House passed the GOP tax bill:

“Today an unpopular Speaker, historically unpopular President, and dreadfully unpopular Republican-led Congress are celebrating the passage of a wildly unpopular bill that no one wanted.  The Republican tax bill is a scam.  It is a giveaway to corporations and the top 1% of wealthy Americans.  The bill raises taxes on the hard-working middle class, borrows against the future by adding trillions to the deficit, forces millennials to fix our deficit crisis years from now, and rapidly accelerates the concentration of wealth toward the top 1%.  This is yet another conscious decision by the Trump Administration to ignore the needs of millions of Americans who have worked hard to provide for themselves and their families, and, instead, prioritize the profits of large corporations, GOP donors, special interest groups, and Donald Trump himself.

“I have long advocated for tax policies that support working families and small businesses. The tax code can be used to help Americans obtain an education, recover from a natural disaster, care for a sick loved one, save for the future, and start a business.  These are the policies for which I have advocated my entire career.  These should be the goals of any tax plan.  Instead, this bill creates tax brackets that disproportionately benefit the very wealthy.  It caps the state and local income, property, and sales tax deduction (SALT) to $10,000; California taxpayers claiming a SALT deduction received, on average, $18,000 last year.  The Republican tax bill also repeals parts of Obamacare, which will result in 13 million people losing health insurance, and premiums rising by an average of 10 percent. Because the tax cuts for large corporations are permanent, unlike tax cuts for middle class individuals, the bill adds trillions to the deficit. These trillions will trigger automatic cuts to programs like Medicare, federal student loans, and agriculture subsidies.  This tax bill was written to benefit only the richest among us. In the bill’s first year, 2018, almost two-thirds of the benefits will go to the richest fifth of Americans. By 2027, more than half of Americans — 53 percent — will pay more in taxes under this bill than they would under current law.  In that same year, 83 percent of the bill’s benefits will go to the top 1 percent and every single income group earning below $75,000 will see a tax increase.

“The GOP tax scam gives pennies to the middle class — which Republicans claim is proof their tax scam works — while Trump and his donors line their pockets with hundred dollar bills. Even the slight benefit Americans see in the first few years of the tax bill will expire. Americans are not so easily fooled. I’ve heard from my constituents, who have urged me to fight against the Republican plan to further enrich the rich, and I will continue to do so by working for an America that supports all of us, and not just a few of us.”