Lipinski Votes Against Republican Tax Bill

Congressman Dan Lipinski (IL-3) released the following statement today:

“I voted against the Republican tax bill today because it prioritizes corporations and the wealthy over the middle class, sunsets individual tax cuts while making corporate cuts permanent, punishes local taxpayers by capping deductions for property and income taxes, fails to fix the trust fund that pays for roads and public transit, and adds more to a federal debt that is already out of control. I have been speaking for years with colleagues from both sides of the aisle about how important it is for the future of the middle class that we pass transformative tax reform. Unfortunately, this bill fails the middle class badly.

“Corporations will see the top corporate income tax rate fall from 35% to 21%, with only a limited portion of the cut offset through closing corporate tax breaks. Furthermore, most of the benefits for corporations are permanent, while everyone else will see what little help they get expire. As that expiration date approaches, middle-class families will have their ability to pay their bills or provide a better life for their loved ones yet again become a political bargaining chip.

“The cap on the amount of local property and income taxes that can be deducted from federal taxes will also hurt many families in our area. In addition, Republicans appear to have added a last-minute tax break for millionaire real estate investors into the legislation. Since the final version of this bill was rushed for a vote, there are bound to be even more loopholes or mistakes added to our tax code.

“Finally, Republicans said all along that their tax plan would not add to our debt, which is $20 trillion and rising. They promised economic growth would pay for the tax cuts. But every analysis done on this bill shows that it will add over $1 trillion more, plus interest, to our debt over 10 years. This is not something we should pass on to the next generation.

“With the middle class continuing to struggle even as the stock market soars, Republicans claimed this bill would prioritize middle-class Americans and give them a big boost. But while this bill spends a lot of money and may further fuel the stock market, it is another example of how Washington fails the middle class and leaves them behind.”