Eshoo Statement on House Passage of GOP Tax Bill
December 19th, 2017
WASHINGTON, D.C— Congresswoman Anna G. Eshoo (D-CA) released the following statement after the House passed the “conferenced” version of the GOP Tax Bill:
“Today House Republicans passed their tax plan that is a direct assault on the middle class, adds a minimum of $1.5 trillion to our national debt, and further exacerbates the widening gap between the wealthiest in America and everyone else.
“According to a recent New York Times editorial, the top 1 percent of the population already controls 40 percent of the country’s wealth. The final tax bill widens that gap by raising taxes on 86 million middle-class households, while bestowing the wealthiest one percent of our country and multinational companies with 83% of the benefits.
“The bill bulldozes the state and local tax (SALT) deduction, impacting nearly 200,000 of my constituents who claimed an average deduction of $31,193 in 2015. This is a critical deduction that many middle class families depend on, and by capping the SALT deduction there will be an increase of taxes for many families in my Congressional District and across California. State and local governments in high-tax regions will also face immediate pressure to reduce their budgets, threatening vital services such as education, law enforcement, and public health.
“The bill also repeals the Affordable Care Act’s individual mandate to purchase health insurance. This will result in an estimated 13 million people losing their health insurance and will cause premium increases for those that are insured due to a shrinking insurance pool.
“Adding insult to injury, the President will see a major financial windfall from a provision that was slipped into the bill at the last minute to benefit wealthy real estate investors like himself. His real estate businesses are organized as “pass through” companies where the income from the business “passes through” to the individual’s tax returns. Under this bill, the President will be allowed to deduct up to 20% of the income earned from these “pass through” businesses from his overall personal tax burden. However, without the release of his tax returns, the American people are in the dark about how much the President will further enrich himself and his friends.”
“This bill is the largest corporate tax cut in our nation’s history but it compromises the future well-being of our country and its people. Instead of reforming the tax code to expand our economy, the bill expands our debt. Instead of motivating more Americans to pursue higher education, more to own their own homes, more to move up the economic ladder, the bill sacrifices our values and vision for a plan that has never worked in the past.”