WASHINGTON - Ways and Means Committee Ranking Member Sander Levin made the following statement after a new Joint Committee on Taxation report showed that eliminating all of the itemized deductions in the tax code - together with other policy changes - would only generate enough savings to reduce marginal tax rates by 4 percent. The report highlights how the Republican tax plan - which calls for much deeper cuts in tax rates, to be offset by eliminating or reducing tax expenditures - would end up either harming middle- and lower-income families or blowing an even deeper hole in the deficit.
Levin: “Republicans have engaged in all kinds of twists and turns to escape the basic fact that their tax plan would give wealthy taxpayers an enormous tax break and harm middle-income families. They can’t twist their way out of the truth. This report from Congress’ official scorekeeper highlights what has become increasingly clear: the Republican tax plan would either raise taxes on middle class families or further explode the deficit."
