Rep. Green Spotlights New Tax Analysis: GOP Will Raise Taxes on 1.2 Million Middle Class Households in Texas
WASHINGTON, DC — Following a state-by-state assessment conducted by the non-partisan Institute on Taxation and Economic Policy, Congressman Green today released information finding that the Ryan-McConnell tax bill will increase taxes for 1.2 million households in Texas earning $75,180, an average of $650 increase per household.
“After looking at the tax plan released by my GOP colleagues, I do not believe it will be good for the country or for the 29th District of Texas, and I cannot support it,” said Green. “While there may be some short-term, slight tax decreases for some, most of the benefit by far will go to the wealthy and to large businesses. In the long term, I fear the bill’s impacts will be even worse for the low-income and the middle class.”
The Ryan-McConnell tax bill eliminates vital tax deductions used by millions of middle-class families nationwide. The GOP bill would begin double taxing families’ income by dismantling the State and Local Tax Deduction, impose a new cap on the mortgage interest deduction that hurts future homebuyers and drives down home values, eliminate the student loan interest deduction and critical job training credits, and eliminate the vital medical expense deduction relied on by families with sick children and by seniors with long-term care needs.
Meanwhile, under the Ryan-McConnell bill, corporations would get new incentives for shipping American jobs overseas. Corporate America would also get vast, permanent tax breaks, in addition to being allowed to keep certain deductions that Republicans eliminate for individuals and families – such as the State and Local Tax Deduction.
“I’m also afraid of where the GOP thinks they can find the money to help pay for this plan,” said Green. “More than likely, that money will come from programs for the low-income and the elderly. Where is that concern about the deficit now? I’d like to know what programs the majority plans to eliminate to pay for this $1.5 trillion tax break.”