Dec 20 2017
WASHINGTON — U.S. Sen. Mark R. Warner (D-VA), a member of the Senate Finance and Budget Committees, issued the below statement after the Senate voted along party lines 51-48 to approve the budget-busting GOP plan to cut taxes for corporations and the richest Americans:
“This is the worst piece of legislation we have passed since I arrived in the Senate.”
Nonpartisan analyses released yesterday confirm the final Trump-Republican tax bill will hike taxes on millions of middle-class Americans in order to pay for massive cuts for corporations and the wealthiest Americans. By 2027, under the Trump-Republican tax bill, families earning under $75,000 would pay more in taxes than they do today – while the top 1 percent would enjoy the largest tax breaks, according to the Joint Committee on Taxation (JCT).
And the Tax Policy Center estimated that 53 percent of American households will face tax hikes in 2027 while the top 0.1 percent of taxpayers will get an average tax cut of nearly $200,000. The top one percent of taxpayers are expected to receive 83 percent of tax benefits.
On top of this, the Committee for a Responsible Federal Budget estimated that the true cost of the final, unpaid-for GOP tax bill is roughly $2.5 trillion, adding to our $20 trillion national debt.
The bill now heads back to the House of Representatives, where it is expected to pass and be sent to the President for his signature without a single Democratic vote.