Rep. Green on Ryan-McConnell Tax Plan: Middle-Class Families will Hurt, Wealthy Will Win
WASHINGTON, DC — Congressman Gene Green released the following statement on the release of the Ryan-McConnell tax plan:
“From what I’ve read so far, it’s clear that the president and the Republican majority want to cut tax deductions for middle-class families to pay for tax cuts for the wealthy and corporations.
It’s alarming that the plan will eliminate the deduction for personal casualty losses, which will be a big blow for many hurricane Harvey victims whose homes were damaged after one of the largest disasters in Texas’ history. It’s even more alarming that taxes for the smallest earners will increase from 10 percent to 12 percent while the tax brackets for high earners stay the same. And for those who graduated college and are paying off their student loans debt, the tax plan will eliminate the student loan interest deduction.
It’s estimated that the GOP plan will save the bottom 80 percent of earners between $50 and $450 in taxes per year, but that it saves each person in the top 1 percent of earners an average of $129,000 a year. For people at the very top, the tax cuts are enormous. It’s also not clear to me where the money to pay for these tax cuts will come from, and how we will continue to pay for infrastructure and social services when we add so much to the deficit with this plan.
Overall, I am not confident my constituents will be better off with this plan. There’s more to learn about the details of this bill, but once we receive a score from the Congressional Budget Office we’ll know more about the impacts of this bill.”