Linda Sánchez Floor Statement on Republican Tax Scam
Washington, D.C. – U.S. Representative Linda Sánchez (CA-38), Vice Chair of the House Democratic Caucus and a member of the Ways and Means Committee, today gave the following remarks on the tax fiasco which Republican passed through the House:
“I rise today in opposition to H.R. 1, or better known as the GOP tax scam. This bill provides tax cuts for corporations and multi-millionaires at the expense of hard working middle class families.
“Massive corporate tax cuts do not guarantee job growth or higher wages. The only thing guaranteed is the $2.3 trillion this scam adds to the deficit.
“Democrats are serious about passing comprehensive tax reform that is fair and puts a little more money in the pockets of working Americans. This fiasco of a bill is not fair.
“Corporations get a massive 15% tax cut. What do working families get? They get nickels and dimes.
“Despite student loan debt surpassing $1 trillion, this bill eliminates the student loan interest deduction which only allows those earning $80,000 or less to claim it in the first place – squarely hurting middle class Americans who are trying to pay off debt, save for a home, or buy a new car.
“Teachers would no longer be able to deduct expenses for school supplies that they purchase with their own money for their classrooms. Yet corporations are able to deduct the cost of those same supplies that they purchase.
“Seniors and people with chronic illnesses would no longer be able to deduct some of the cost of their treatment. And at a time when many families are feeling the pressures of affording care for their children, and their aging parents, this bill takes money out of their pockets.
“Under this bill 29 million households would lose the property tax deduction, 80% of middle class homeowners would lose, compared with 13% of high-income earners. Does that sound fair?
“Finally, the elimination of the state and local income tax deduction disproportionately impacts middle income families, especially those in California whose residents would see an overall net tax increase of $12.1 billion.
“The tax code is a reflection of our values. The Republicans have clearly chosen who they serve, the wealthy and corporations. But I’m concerned about the 36 million Americans who will see a tax increase, teachers and their students, and people with preexisting conditions.”