WASHINGTON, DC - After the Trump Administration provided an outline of its tax proposal, U.S. Senator Jack Reed issued the following statement:
“The Trump tax plan is irresponsible and unrealistic. It would be a windfall for the ultra-wealthy at the expense of working families and add trillions to the deficit.
“There is a reason the Trump Administration rolled this out with very few numbers: because they don’t add up.
“The average Rhode Island family income is $77,000, and the median income is $57,000. But the overwhelming majority of benefits under this framework go to households earning more than $500,000 per year. In Rhode Island, that is about 3,150 households. Under Trump’s plan, the wealthiest could pay as little as half the rate of taxes paid by working families. That is not fair and it’s a non-starter.
“The American people deserve to know how the President’s proposal benefits his own bottom line. The President should be as transparent as all of his predecessors in the modern era and release his tax returns. If he insists on keeping the American people in the dark, his tax reform proposal is unlikely to see the light of day in the Senate.
“Congress should work on a bipartisan basis to simplify the tax code, particularly individual returns. We need to close loopholes and enact other sensible reforms that will strengthen our economy. We must help keep tax bills lower for working families and restore fairness to the tax code so that everyone pays their fair share.”