I support tax reform that helps individuals, working families, and communities, not corporations, the wealthy, and well-connected. While I am in favor of tax reform, I opposed the Republican tax plan. This plan claims to benefit the middle-class yet it suspends deductions for interest on home loans (which directly hinders current and future middle-class American homeowners). Additionally, it effectively repeals the individual mandate, an important feature of the Affordable Care Act that helped millions of Americans obtain affordable health insurance. Furthermore, the tax law offers only temporary increases to the child tax credit while creating permanent tax advantages for the wealthy.
While the tax law hurts many average Americans, it provides several tax benefits for the wealthiest Americans and corporations. For example, it doubles the tax exemption from $5 million to $10 million and reduces the corporate tax rate from 35% to 20%. In addition, the tax law repeals the estate tax which is designed to provide tax relief to only the nation’s wealthiest 7,500 families, which make up less than one percent of Americans.
The nonpartisan Congressional Budget Office and the Joint Committee on Taxation estimate that this tax law will reduce revenue by over $1.6 billion and increase the deficit by over $1.5 billion over the next ten years. At a time when more than six million minimum-wage American workers have not seen their wages increase, we, as a nation, cannot amass record federal deficits that would result in reductions in vital programs for poor and working-class Americans.
It is for these reasons that I voted NO on the Republican tax reform measure. While I agree that we must find ways to modernize our tax code, this act is expected to have a tremendously negative impact on too many Americans. I support real, comprehensive tax reform that allows more hard-working Americans to bring their money home without eliminating or limiting vital programs.
More on Tax
WASHINGTON — Today, U.S. Representative Bobby L. Rush (D-Ill.) voted in support of H.R. 5377, the Restoring Tax Fairness for States and Localities Act of 2019. This bill would eliminate the $10,000 cap on the State and Local Tax (SALT) Deduction, one of the more damaging provisions of the GOP Tax Scam. The bill would also restore the top individual income tax rate to the pre-GOP Tax Scam levels and double the deduction for educators’ and first responders’ out-of-pocket expenses.
WASHINGTON — Today, U.S. Representative Bobby L. Rush (D-Ill.) released the following statement on the House Republicans’ failed attempt to destroy Medicare, Medicaid, and Social Security:
WASHINGTON — For the fifth time in 30 years, Republicans have shut down the federal government. As the nation braces for the Trump Shutdown, U.S. Representative Bobby L. Rush (D-Ill.) called out Republicans for failing to allow a bipartisan solution to keep the government open and meet the needs of the American people.
WASHINGTON — U.S. Representative Bobby L. Rush (D-Ill.), today released the following statement on the passage of the Republican tax bill:
“Today, with the passage of the GOP tax bill, Congressional Republicans sided with the wealthiest Americans and corporations. They intentionally left hardworking middle-class households footing the bill to enrich the wealthiest one percent.”
“Republicans promised the American people a simpler, fairer tax code. Instead, this bill is more complex, filled with new loopholes, and makes income inequality worse.”