Congressman Sires’ Condemns Passage of the Republican Tax Plan
(Washington, D.C.) – Today, Congressman Sires voted against the Conference Report on H.R. 1, the Tax Cuts and Jobs Act, which passed in the House of Representatives by a vote of 227-203.
“For the second time in a few short weeks the House of Representatives has passed a deceptive, one-sided bill that was pushed through without a single hearing and will burden millions of families for decades to come. This bill will harm millions of people in order to benefit just a select few. I am extremely disappointed in my colleagues who have voted to explode the national deficit in order to cover tax cuts for the wealthy and permanent tax breaks for corporations” said Rep. Sires.
Specifically, this bill makes tax breaks for corporations that will benefit foreign shareholders permanent, while 86 million middle class American families will see their taxes increase once temporary tax breaks expire. In the Conference Report, the state and local tax (SALT) deduction is limited, directly and negatively impacting millions of New Jersey families where the average SALT deduction is worth well over the new limit of $10,000. While families will be hit with higher tax rates as a result of the limiting of SALT and property tax deductions, the wealthiest income bracket will be receiving a 2.5% tax break on their income tax.
In addition, by adding an estimated $2.2 trillion to the national deficit, this tax plan would trigger an automatic cut to vital programs, like Medicare, that millions rely on. The bill also includes another attack on health care by repealing the individual mandate. According to the Congressional Budget Office (CBO), this will result in 13 million Americans losing coverage over the next decade and cause premiums to spike for those who are most desperately in need of care.
“On top of a lower tax rate, there are numerous provisions that will directly benefit the wealthy, such as owners of private jets and golf courses” stated Rep. Sires. “The wealthiest in our nation, including those who hold public office, are the last people we should be prioritizing when there are millions who need tax relief in order to keep their heads above water. I have ardently opposed this bill in all its forms and I condemn its passage today in the House of Representatives.”
The Conference Report is now awaiting further consideration in the Senate.