“Prior to the vote today, I reached out to mayors and city managers within my congressional district asking for their position and input. What I received were overwhelming concerns about how this would impact our communities,” said Congresswoman Johnson. “I wholeheartedly believe that we are long overdue for changes to our federal tax code. And the hope was that when we considered tax reform in Congress, that it would be a fair and balanced approach that considered the views of all Americans and not just a select few.”
“The bill passed out of the House will prove to be a huge burden on small businesses and working and middle class families. In fact, there are more than 64,000 employer establishments in Dallas County that contribute to our local, state, and national economy. However, this bill ignores the challenges currently facing American workers, families, and students in favor of slashing taxes for the wealthiest Americans and most profitable corporations.”
A host of tax credits and deductions will be cut under the current Republican tax plan – such as individual credits and deductions, child tax credits, student loan interest deductions, and lifetime learning credits – in an effort to fund a bill that will decrease corporate taxes by 15%, consolidate individual tax rates into just 4 new brackets, and repeal both the estate tax and alternative minimum tax to the great benefit of wealthy Americans and U.S. corporations.
“While I do agree that a modern tax code is desperately needed to help shore up funding for critical infrastructure projects, scientific research, and education, the Republican tax plan falls short of helping to address these dire needs. I urge the Senators to listen the concerns of middle class citizens, academic institutions and local governments. And we must remind our senators that this bill is catastrophically flawed. The devastation that this bill would wreak on our economy is too great to ignore, the effects of which would be widespread and long-lasting.”
