WASHINGTON, DC – Today, U.S. Senator Jack Reed issued the following statement:
“This trickle-down tax plan is a disaster for the middle-class and threatens America’s long-term economic security. It irresponsibly cuts benefits for students, seniors, working parents, and many others and is designed to put Medicare and Social Security on the chopping block.
“I support responsible investments in repairing our infrastructure and educating Americans. Tax cuts that spur real job growth and increase take-home pay should be part of any package to help the middle-class. But I oppose this stunning transfer of wealth from taxpayers to millionaires. In fact, the non-partisan CBO shows that by 2027, people making $40,000 to $50,000 will see their taxes go up by $5.3 billion more in taxes, while those in the $1 million and up category would get a $5.8 billion cut. And the Joint Committee on Taxation, which serves as another non-partisan government budget referee, concluded that President Trump’s plan will balloon the federal budget deficit over $1 trillion in the next decade.
“Congress should work together to responsibly cut taxes for working families, restore our infrastructure, invest in the middle-class, and help small businesses grow. Instead, Republicans are using a closed process to benefit multi-national corporations and mega-donors at the expense of hardworking Americans.
“I encourage Americans everywhere to look at the facts and let Congress know what you think of this bill. Republicans are sadly prioritizing corporations over people. People need to speak up before it is too late. I suspect President Trump will try and claim this bill as a win for regular Americans, but the truth and the math are not on the President’s side.”